• Bare Act: Chartered Accountants Act, 1949

  • An Act to make provision for the regulation of the profession of chartered accountants.

    WHEREAS it is expedient to make provision for the regulation of the profession of chartered accountants and for that purpose to establish an Institute of Chartered Accountants;

    It is hereby enacted as follows :

    CHAPTER I : PRELIMINARY

    1. Short title, extent and commencement.- (1) This Act may be called the Chartered Accountants Act, 1949.

    (2) It extends to the whole of India.

    (3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint in this behalf.

    2. Interpretation.- (1) In this Act, unless there is anything repugnant in the subject or context,--

    (a) "associate" means an associate member of the Institute; 

    *[(aa) "Authority" means the Appellate Authority constituted under section 22A;

    (aaa) "Board" means the Quality Review Board constituted under section 28A;]

    (b) "chartered accountant" means a person who is a member of the Institute; 

    (c) "Council" means the Council of the Institute; 

    (d) "holder of a restricted certificate" means a person holding a permanent or temporary restricted certificate granted by a 

    (e) "Institute" means the Institute of Chartered Accountants of India constituted under this Act; 

    *[(ea) "notification" means a notification published in the Official Gazette;']

    (f) "prescribed" means prescribed by regulations made under this Act; 

    (g) "Register" means the Register of members maintained under this Act; 

    (h) "Registered accountant" means any person who has been enrolled on the Register of Accountants maintained by the Central Government under the Auditor's Certificates Rules, 1932; 

    *[(ha) "specified" means specified by rules made by the Central Government under this Act;

    (hb) "Tribunal" means a Tribunal established under sub-section (1) of section 10B;]

    (i) "year" means the period commencing on the 1st day of April of any year and ending on the 31st day of March of the succeeding year.

    (2) A member of the Institute shall be deemed "to be in practice", when individually or in partnership with chartered accountants in practice, he, in consideration of remuneration received or to be received,-- 

    (i) engages himself in the practice of accountancy; or 

    (ii) offers to perform or performs services involving the auditing or verification of financial transaction, books, accounts, or records or the preparation, verification or certification of financial accounting and related statements or holds himself out to the public as an accountant; or 

    (iii) renders professional services or assistance in or about matters of principle or detail relating to accounting procedure or the recording, presentation or certification of financial facts or data; or 

    (iv) renders such other services as, in the opinion of the Council are or may be rendered by a chartered accountant in practice; and the words "to be in practice" with their grammatical variations and cognate expressions shall be construed accordingly.

    Explanation.--An associate or a fellow of the Institute who is a salaried employee of a chartered accountant in practice or a firm of such chartered accountant shall, notwithstanding such employment, be deemed to be in practice for the limited purpose of the **[training of articled assistants].

    *[Inserted by Chartered Accountants (Amendment) Act, 2006, section 2]

    **[Substituted by Chartered Accountants (Amendment) Act, 2006, section 2

    CHAPTER II : THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

    3. Incorporation of the Institute.- (1) All persons whose names are entered in the Register at the commencement of this Act and all persons who may hereafter have their names entered in the Register under the provisions of this Act, so long as they continue to have their names borne on the said Register, are hereby constituted a body corporate by the name of the Institute of Chartered Accountants of India, and all such persons shall be known as members of the Institute.

    (2) The Institute shall have perpetual succession and a common seal and shall have power to acquire, hold and dispose of property, both movable and immovable, and shall by its name sue or be sued.

    4. Entry of names in the Register.- (1) Any of the following persons shall be entitled to have his name entered in the Register, namely,-

    (i) any person who is a registered accountant or a holder of a restricted certificate at the commencement of this Act; 

    (ii) any person who has passed such examination and completed such training as may be prescribed for members of the Institute; 

    (iii) any person who has passed the examination for the Government Diploma in Accountancy or an examination recognised as equivalent thereto by the rules for the award of the Government Diploma in Accountancy before the commencement of this Act, and who, although not duly qualified to be registered as an accountant under the Auditors' Certificates Rules, 1932, fulfils such conditions as the Central Government may specify in this behalf;

    (iv) any person who, at the commencement of this Act, is engaged in the practice of accountancy in any Part B State and who, although not possessing the requisite qualifications to be registered as an accountant under the Auditors' Certificates Rules, 1932, fulfils such conditions as the Central Government may specify in this behalf; 

    (v) any person who has passed such other examination and completed such other training without India as is recognised by the Central Government or the Council as being equivalent to the examination and training prescribed for members of the Institute: Provided that in the case of any person who is not permanently residing in India, the Central Government or the Council, as the case may be, may impose such further conditions as it may deem fit;

    (vi) any person domiciled in India, who at the commencement of this Act is studying for any foreign examination and is at the same time undergoing training, whether within or without India, or, who, having passed such foreign examination, is at the commencement of this Act undergoing training, whether within or without India: 

    Provided that any such examination or training was recognised before the commencement of this Act for the purpose of conferring the right to be registered as an accountant under the Auditors' Certificates Rules, 1932, and

    Provided further that such person passes the examination or completes the training within five years after the commencement of this Act.

    (2) Every person belonging to the class mentioned in clause (i) of sub-section (1) shall have his name entered in the Register without the payment of any entrance fee.

    *[(3) Every person belonging to any of the classes mentioned in clauses (ii), (iii), (iv), (v) and (vi) of sub-section (1) shall have his name entered in the Register on application being made and granted in the prescribed manner and on payment of such fees, as may be determined, by notification, by the Council, which shall not exceed rupees three thousand:

    Provided that the Council may, with the prior approval of the Central Government, determine the fee exceeding rupees three thousand, which shall not in any case exceed rupees six thousand.]
    .
    (4) The Central Government shall take such steps as may be necessary for the purpose of having the names of all persons belonging to the class mentioned in clause (i) of sub-section (1) entered in the Register.

    *[Substituted by Chartered Accountants (Amendment) Act, 2006, section 3

    5. Fellows and Associates.- (1) The members of the Institute shall be divided into two classes designated respectively as associates and fellows.

    (2) Any person shall, on his name being entered in the Register, be deemed to have become an associate member of the Institute and be entitled to use the letters A.C.A. after his name to indicate that he is an associate member of the Institute of Chartered Accountants.

    *[(3) A member, being an associate who has been in continuous practice in India for at least five years, whether before or after the commencement of this Act, or whether partly before and partly after the commencement of this Act, and a member who has been an associate for a continuous period of not less than five years and who possesses such qualifications as the Council may prescribe with a view to ensuring that he has experience equivalent to the experience normally acquired as a result of continuous practice for a period of five years as a chartered accountant shall, on payment of such fees, as may be determined, by notification, by the Council, which shall not exceed rupees five thousand and on application made and granted in the prescribed manner, be entered in the Register as a fellow of the Institute and shall be entitled to use the letters F. C. A. after his name to indicate that he is a fellow of the Institute of Chartered Accountants:

    Provided that the Council may with the prior approval of the Central Government, determine the fee exceeding rupees five thousand, which shall not in any case exceed rupees ten thousand.".

    *[Substituted by Chartered Accountants (Amendment) Act, 2006, section 4]

    6. Certificate of practice.- (1) No member of the Institute shall be entitled to practise whether in India or elsewhere unless he has obtained from the Council a certificate of practice.

    *[(2) Every such member shall pay such annual fee for his certificate as may be determined, by notification, by the Council, which shall not exceed rupees three thousand, and such fee shall be payable on or before the 1st day of April in each year:

    Provided that the Council may with the prior approval of the Central Government, determine the fee exceeding rupees three thousand, which shall not in any case exceed rupees six thousand.

    *[(3) The certificate of practice obtained under sub-section (1) may be cancelled by the Council under such circumstances as may be prescribed.]

    *[Sub-clause (2) substituted, sub-section (3) inserted by Chartered Accountants (Amendment) Act, 2006, section 5]

    7. Members to be known as Chartered Accountants.- Every member of the Institute in practice shall, and any other member may, use the designation of a chartered accountant and no member using such designation shall use any other description, whether in addition thereto or in substitution therefor:

    Provided that nothing contained in this section shall be deemed to prohibit any such person from adding any other description or letters to his name, if entitled thereto, to indicate membership of such other Institute of accountancy, whether in India or elsewhere, as may be recognised in this behalf by the Council, or any other qualification that he may possess, or to prohibit a firm, all the partners of which are members of the Institute and in practice, from being known by its firm name as Chartered Accountants.

    CHAPTER III : COUNCIL OF THE INSTITUTE

    9. Constitution of the Council of the Institute.- (1) There shall be a Council of the Institute for the management of the affairs of the Institute and for discharging the functions assigned to it under this Act.

    *[(2) The Council shall be composed of the following persons, namely:-

    (a) not more than thirty-two persons elected by the members of the Institute from amongst the fellows of the Institute chosen in such manner and from such regional constituencies as may be specified:

    Provided that a fellow of the Institute, who has been found guilty of any professional or other misconduct and whose name is removed from the Register or has been awarded penalty of fine, shall not be eligible to contest the election,-

    (i) in case of misconduct falling under the First Schedule of this Act, for a period of three years;

    (ii) in case of misconduct falling under the Second Schedule of this Act, for a period of six years,

    from the completion of the period of removal of name from the Register or payment of fine, as the case may be;

    (b) not more than eight persons to be nominated in the specified manner, by the Central Government.";

    *[(3) No person holding a post under the Central Government or a State Government shall be eligible for election to the Council under clause (a) of sub-section (2).

    (4) No person who has been auditor of the Institute shall be eligible for election to the Council under clause (a) of sub-section (2), for a period of three years after he ceases to be an auditor].

    *[Sub-clause (2) substituted, sub-section (3) & (4) inserted by Chartered Accountants (Amendment) Act, 2006, section 6]

    *[10A. Settlement of dispute regarding election.-In case of any dispute regarding any election under clause (a) of sub-section (2) of section 9, the aggrieved person may make an application within thirty days from the date of declaration of the result of election to the Secretary of the Institute, who shall forward the same to the Central Government.

    *[Inserted by Chartered Accountants (Amendment) Act, 2006, section 8]

    *[10B. Establishment of Tribunal.-(1) On receipt of any application under section 10A, the Central Government shall, by notification, establish a Tribunal consisting of a Presiding Officer and two other Members to decide such dispute and the decision of such Tribunal shall be final.

    (2) A person shall not be qualified for appointment,-

    (a) as a Presiding Officer of the Tribunal unless he has been a member of the Indian Legal Service and has held a post in Grade I of the service for at least three years;

    (b) as a Member unless he has been a member of the Council for at least one full term and who is not a sitting member of the Council or who has not been a candidate in the election under dispute; or

    (c) as a Member unless he holds the post of a Joint Secretary to the Government of India or any other post under the Central Government carrying a scale of pay which is not less than that of a Joint Secretary to the Government of India.

    (3) The terms and conditions of service of the Presiding Officer and Members of the Tribunal, their place of meetings and allowances shall be such as may be specified.

    (4) The expenses of the Tribunal shall be borne by the Council.

    *[Inserted by Chartered Accountants (Amendment) Act, 2006, section 8]

    12. President and Vice-President.- (1) The Council at its first meeting shall elect two of its members to be respectively the President and the Vice-President thereof, and so often as the office of the President or the Vice-President becomes vacant the Council shall choose another person to be the President or the Vice-President, as the case may be: Provided that on the first constitution of the Council a member of the Council nominated in this behalf by the Central Government shall discharge the functions of the President, until such time as a President is elected under the provisions of this sub-section.

    (2) The President shall be the Chief Executive Authority of the Council.

    (3) The President or the Vice-President shall hold office for a period of one year from the date on which he is chosen but so as not to extend beyond his term of office as a member of the Council, and, subject to his being a member of the Council at the relevant time, he shall be eligible for re-election *[under sub-section (1)].

    (4) On the expiration of the duration of the Council, the *[President and the Vice-President] of the Council at the time of such expiration shall continue to hold office and discharge such administrative and other duties as may be prescribed until such time as a new *[President and the Vice-President] shall have been elected and shall have taken over *[charge of their duties].

    *[Modified by Chartered Accountants (Amendment) Act, 2006, section 9]

    *[15. Functions of Council.-(1) The Institute shall function under the overall control, guidance and supervision of the Council and the duty of carrying out the provisions of this Act shall be vested in the Council.

    (2) In particular, and without prejudice to the generality of the foregoing powers, the duties of the Council shall include -

    (a) to approve academic courses and their contents;

    (b) the examination of candidates for enrolment and the prescribing of fees therefor;

    (c) the regulation of the engagement and training of articled and audit assistants;

    (d) the prescribing of qualifications for entry in the Register;

    (e) the recognition of foreign qualifications and training for the purposes of enrolment;

    (f) the granting or refusal of certificates of practice under this Act;

    (g) the maintenance and publication of a Register of persons qualified to practice as chartered accountants;

    (h) the levy and collection of fees from members, examinees and other persons;

    (i) subject to the orders of the appropriate authorities under the Act, the removal of names from the Register and the restoration to the Register of names which have been removed;

    (j) the regulation and maintenance of the status and standard of professional qualifications
    of members of the Institute;

    (k) the carrying out, by granting financial assistance to persons other than members of the Council or in any other manner, of research in accountancy;

    (l) the maintenance of a library and publication of books and periodicals relating to accountancy;

    (m) to enable functioning of the Director (Discipline), the Board of Discipline, the Disciplinary Committee and the Appellate Authority constituted under the provisions of this Act;

    (n) to enable functioning of the Quality Review Board;

    (o) consideration of the recommendations of the Quality Review Board made under clause (a) of section 28B and the details of action taken thereon in its annual report; and

    (p) to ensure the functioning of the Institute in accordance with the provisions of this Act and in performance of other statutory duties as may be entrusted to the Institute from time to time.

    *[Substituted by Chartered Accountants (Amendment) Act, 2006, section 11]

    CHAPTER IV : REGISTER OF MEMBERS

    19. Register.- (1) The Council shall maintain in the prescribed manner a Register of the Members of the Institute.

    (2) The Register shall include the following particulars about every member of the Institute, namely,-- 

    (a) his full name, date of birth, domicile, residential and professional addresses; 

    (b) the date on which his name is entered in the Register; 

    (c) his qualifications;

    (d) whether he holds a certificate of practice; and 

    (e) any other particulars which may be prescribed.

    (3) The Council shall cause to be published in such manner as may be prescribed, a list of members of the Institute as on the 1st day of April of each year, and shall, if requested to do so by any such member, send to him a copy of such list *[on payment of such amount as may be prescribed].

    *[(4) Every member of the Institute shall, on his name being entered in the Register, pay such annual membership fee as may be determined, by notification, by the Council, which shall not exceed rupees five thousand:

    Provided that the Council may with the prior approval of the Central Government, determine the fee exceeding rupees five thousand, which shall not in any case exceed rupees ten thousand.]

    *[Amended by Chartered Accountants (Amendment) Act, 2006, section 16]

    20. Removal from the Register.- (1) The Council may remove from the Register the name of any member of the Institute—

    (a) who is dead; or

    (b) from whom a request has been received to that effect; or 

    (c) who has not paid any prescribed fee required to be paid by him; or 

    (d) who is found to have been subject at the time when his name was entered in the Register, or who at any time thereafter has become subject, to any of the disabilities mentioned in section 8, or who for any other reason has ceased to be entitled to have his name borne on the Register.

    (2) The Council shall remove from the Register the name of any member in respect of whom an order has been passed under this Act removing him from membership of the Institute.

    *[(3) If the name of any member has been removed from the Register under clause (c) of sub-section (1), on receipt of an application, his name may be entered again in the Register on payment of the arrears of annual fee and entrance fee along with such additional fee, as may be determined, by notification, by the Council which shall not exceed rupees two thousand:

    Provided that the Council may with the prior approval of the Central Government, determine the fee exceeding rupees two thousand, which shall not in any case exceed rupees four thousand.]

    *[Inserted by Chartered Accountants (Amendment) Act, 2006, section 17]

    CHAPTER V : MISCONDUCT

    *[21. Disciplinary Directorate.-(1) The Council shall, by notification, establish a Disciplinary Directorate headed by an officer of the Institute designated as Director (Discipline) and such other employees for making investigations in respect of any information or complaint received by it.

    (2) On receipt of any information or complaint along with the prescribed fee, the Director (Discipline) shall arrive at a prima facie opinion on the occurrence of the alleged misconduct.

    (3) Where the Director (Discipline) is of the opinion that a member is guilty of any professional or other misconduct mentioned in the First Schedule, he shall place the matter before the Board of Discipline and where the Director (Discipline) is of the opinion that a member is guilty of any professional or other misconduct mentioned in the Second Schedule or in both the Schedules, he shall place the matter before the Disciplinary Committee.

    (4) In order to make investigations under the provisions of this Act, the Disciplinary Directorate shall follow such procedure as may be specified.

    (5) Where a complainant withdraws the complaint, the Director (Discipline) shall place such withdrawal before the Board of Discipline or, as the case may be, the Disciplinary Committee, and the said Board or Committee may, if it is of the view that the circumstances so warrant, permit the withdrawal at any stage.

    *[Substituted by Chartered Accountants (Amendment) Act, 2006, section 18]

    *[21. Disciplinary Directorate.-(1) The Council shall, by notification, establish a Disciplinary Directorate headed by an officer of the Institute designated as Director (Discipline) and such other employees for making investigations in respect of any information or complaint received by it.

    (2) On receipt of any information or complaint along with the prescribed fee, the Director (Discipline) shall arrive at a prima facie opinion on the occurrence of the alleged misconduct.

    (3) Where the Director (Discipline) is of the opinion that a member is guilty of any professional or other misconduct mentioned in the First Schedule, he shall place the matter before the Board of Discipline and where the Director (Discipline) is of the opinion that a member is guilty of any professional or other misconduct mentioned in the Second Schedule or in both the Schedules, he shall place the matter before the Disciplinary Committee.

    (4) In order to make investigations under the provisions of this Act, the Disciplinary Directorate shall follow such procedure as may be specified.

    (5) Where a complainant withdraws the complaint, the Director (Discipline) shall place such withdrawal before the Board of Discipline or, as the case may be, the Disciplinary Committee, and the said Board or Committee may, if it is of the view that the circumstances so warrant, permit the withdrawal at any stage.

    *[Substituted by Chartered Accountants (Amendment) Act, 2006, section 18]

    *[21B. Disciplinary Committee.-(1) The Council shall constitute a Disciplinary Committee consisting of the President or the Vice- President of the Council as the Presiding Officer and two members to be elected from amongst the members of the Council and two members to be nominated by the Central Government from amongst the persons of eminence having experience in the field of law, economics, business, finance or accountancy:

    Provided that the Council may constitute more Disciplinary Committees as and when it considers necessary.

    (2) The Disciplinary Committee, while considering the cases placed before it shall follow such procedure as may be specified.

    (3) Where the Disciplinary Committee is of the opinion that a member is guilty of a professional or other misconduct mentioned in the Second Schedule or both the First Schedule and the Second Schedule, it shall afford to the member an opportunity of being heard before making any order against him and may thereafter take any one or more of the following actions, namely: -

    (a) reprimand the member;

    (b) remove the name of the member from the Register permanently or for such period, as it thinks fit;

    (c) impose such fine as it may think fit, which may extend to rupees five lakhs.

    (4) The allowances payable to the members nominated by the Central Government shall be such as may be specified.]

    *[Inserted by Chartered Accountants (Amendment) Act, 2006, section 19]

    *[21C. Authority, Disciplinary Committee, Board of Discipline and Director (Discipline) to have powers of civil court.-For the purposes of an inquiry under the provisions of this Act, the Authority, the Disciplinary Committee, Board of Discipline and the Director (Discipline) shall have the same powers as are vested in a civil court under the Code of Civil Procedure, 1908 (5 of 1908), in respect of the following matters, namely:-

    (a) summoning and enforcing the attendance of any person and examining him on oath;

    (b) the discovery and production of any document; and

    (c) receiving evidence on affidavit.

    Explanation.-For the purposes of sections 21, 21A, 21B, 21C and 22, "member of the Institute" includes a person who was a member of the Institute on the date of the alleged misconduct although he has ceased to be a member of the Institute at the time of the inquiry.

    *[Inserted by Chartered Accountants (Amendment) Act, 2006, section 19]

    *[21D. Transitional provisions.-All complaints pending before the Council or any inquiry initiated by the Disciplinary Committee or any reference or appeal made to a High Court prior to the Commencement of the Chartered Accountants (Amendment) Act, 2006, shall continue to be governed by the provisions of this Act, as if this Act had not been amended by the Chartered Accountants (Amendment) Act, 2006.'

    *[Inserted by Chartered Accountants (Amendment) Act, 2006, section 19]

    *[22. Professional or other misconduct defined.-For the purposes of this Act, the expression "professional or other misconduct" shall be deemed to include any act or omission provided in any of the Schedules, but nothing in this section shall be construed to limit or abridge in any way the power conferred or duty cast on the Director (Discipline) under sub-section (1) of section 21 to inquire into the conduct of any member of the Institute under any other circumstances.]

    *[Substituted by Chartered Accountants (Amendment) Act, 2006, section 20]

    *[22A. Constitution of Appellate Authority.-(1) The Central Government shall, by notification, constitute an Appellate Authority consisting of-

    (a) a person who is or has been a judge of a High Court, to be its Chairperson;

    (b) two members to be appointed from amongst the persons who have been members of the Council for at least one full term and who is not a sitting member of the Council;

    (c) two members to be nominated by the Central Government from amongst persons having knowledge and practical experience in the field of law, economics, business, finance or accountancy.

    (2) The Chairperson and other members shall be part-time members.

    *[Substituted by Chartered Accountants (Amendment) Act, 2006, section 21]

    *[22B. Term of office of Chairperson and members of Authority.-(1) A person appointed as the Chairperson shall hold office for a term of three years from the date on which he enters upon his office or until he attains the age of sixty-five years, whichever is earlier.

    (2) A person appointed as a member shall hold office for a term of three years from the date on which he enters upon his office or until he attains the age of sixty-two years, whichever is earlier.]

    *[Inserted by Chartered Accountants (Amendment) Act, 2006, section 21]

    *[22G. Appeal to Authority.-(1) Any member of the Institute aggrieved by any order of the Board of Discipline or the Disciplinary Committee imposing on him any of the penalties referred to in sub-section (3) of section 21A and sub-section (3) of section 21B, may within ninety days from the date on which the order is communicated to him, prefer an appeal to the Authority:

    Provided that the Director (Discipline) may also appeal against the decision of the Board of Discipline or the Disciplinary Committee to the Authority, if so authorised by the Council, within ninety days:

    Provided further that the Authority may entertain any such appeal after the expiry of the said period of ninety days, if it is satisfied that there was sufficient cause for not filing the appeal in time.

    (2) The Authority may, after calling for the records of any case, revise any order made by the Board of Discipline or the Disciplinary Committee under sub-section (3) of section 21A and sub-section (3) of section 21B and may-

    (a) confirm, modify or set aside the order;

    (b) impose any penalty or set aside, reduce, or enhance the penalty imposed by the order;

    (c) remit the case to the Board of Discipline or Disciplinary Committee for such further enquiry as the Authority considers proper in the circumstances of the case; or

    (d) pass such other order as the Authority thinks fit:

    Provided that the Authority shall give an opportunity of being heard to the parties concerned before passing any order.".

    *[Inserted by Chartered Accountants (Amendment) Act, 2006, section 21]

    CHAPTER VI : REGIONAL COUNCILS

    23. Constitution and functions of Regional Councils.- (1) For the purpose of advising and assisting it on matters concerning its functions, the Council may constitute such Regional Councils as and when it deems fit for one or more of the regional constituencies that may be specified by the Central Government under clause (a) of sub-section (2) of section 9.

    (2) The Regional Councils shall be constituted in such manner and exercise such functions as may be prescribed. 

    CHAPTER VII : PENALTIES

    24. Penalty for falsely claiming to be a member, etc.- Any person who,--

    (i) not being a member of the Institute,-- 

    (a) represents that he is a member of the Institute; or

    (b) uses the designation Chartered Accountant, or 

    (ii) being a member of the Institute, but not having a certificate of practice, represents that he is in practice or practises as a chartered accountant, shall be punishable on first conviction with fine which may extend to one thousand rupees, and on any subsequent conviction with imprisonment which may extend to six months or with fine which may extend to five thousand rupees, or with both.

    25. Companies not to engage in accountancy.- (1) No company, whether incorporated in India or elsewhere, shall practise as chartered accountants.

    (2) If any company contravenes the provisions of sub-section (1), then, without prejudice to any other proceedings which may be taken Against the company, every director, manager, secretary and any other officer thereof who is knowingly a party to such contravention shall be punishable with fine which may extend on first conviction to one thousand rupees, and on any subsequent conviction to five thousand rupees.

    28. Sanction to prosecute.- No person shall be prosecuted under this Act except on a complaint made by or under the order of the Council or of the Central Government.

    CHAPTER VII A : QUALITY REVIEW BOARD

    *[28A. Establishment of Quality Review Board.-(1) The Central Government shall, by notification, constitute a Quality Review Board consisting of a Chairperson and ten other members.

    (2) The Chairperson and members of the Board shall be appointed from amongst the persons of eminence having experience in the field of law, economics, business, finance or accountancy.

    (3) Five members of the Board shall be nominated by the Council and other five members shall be nominated by the Central Government.

    *[Inserted by Chartered Accountants (Amendment) Act, 2006, section 24 with insertion of Chapter VIIA]

    *[28B. Functions of Board.-The Board shall perform the following functions, namely:-

    (a) to make recommendations to the Council with regard to the quality of services provided by the members of the Institute;

    (b) to review the quality of services provided by the members of the Institute including audit services; and

    (c) to guide the members of the Institute to improve the quality of services and adherence to the various statutory and other regulatory requirements.

    *[Inserted by Chartered Accountants (Amendment) Act, 2006, section 24 with insertion of Chapter VIIA]

    CHAPTER VIII : MISCELLANEOUS

    *[30E. Members, etc., to be public servants.-The Chairperson, Presiding Officer, members and other officers and employees of the Authority, Disciplinary Committee, Tribunal, Board, Board of Discipline or the Disciplinary Directorate shall be deemed to be public servants within the meaning of section 21 of the Indian Penal Code (45 of 1860).]

    *[Inserted by Chartered Accountants (Amendment) Act, 2006, section 28]

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