AMN
The Lok Sabha today referred the Chartered Accountants, the Cost and Works Accountants, and the Company Secretaries (Amendment) Bill 2021 to the standing committee of the parliament.
The Minister of State for Parliamentary Affairs Arjun Ram Meghwal moved the proposal regarding the Bill. The Minister said the Standing Committee of the parliament will submit its report before the upcoming Union Budget.
The Bill seeks to amend the existing laws governing Chartered Accountants, Cost Accountants, and Company Secretaries.
The main purpose of the Bill is to strengthen the disciplinary mechanisms in place at their respective institutes.
The key objective of the Bill is to bring overall accountability in the institutions of the Chartered Accountants, Cost Accountants, and Company Secretaries.
It also mandates the provision for time-bound disposal of cases against the members of these three institutes, addressing the conflict of interest between their administrative and disciplinary wings.