Multi Disciplinary Partnership Firms allowed from now on. CAs can have partnership with CMAs and CSs.

A lot of professional’s social media accounts got flooded with messages and notifications due to the recently issued notification of #ICAI allowing #CAs to form Multi-Disciplinary Partnership Firms. ICAI has allowed other professionals like #CS and #CMA to be partners in the same firm and render their services.

It is mere permission granted by ICAI and not by other institutes There is no Code of Conduct for such firms. A specific code of conduct would be required for the functioning of these firms as Multi-Disciplinary firms.

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There is no such notification by the Other Bodies i.e., ICSI and ICMAI for granting such permission to their members.

There are no common set of rules for the functioning and governing of these Firms as they involve different professionals governed and regulated by different institutes.

It is just a start; there is a long way to go.

The Institute Of Chartered Accountants Of India

Notification

New Delhi, the 8th July, 2021

No. 1-CA(7)/197/2021.—Whereas certain draft regulations further to amend the Chartered Accountants Regulations, 1988, were published as required by sub-section (3) of section 30 of the Chartered Accountants Act, 1949 (38 of 1949), in the Gazette of India, Extraordinary, Part III, Section 4, dated the 11th December 2020, vide notification No.1 CA(7)/197/2020, dated the 10th December 2020, inviting objections and suggestions from persons likely to be affected thereby, before the expiry of forty-five days from the date on which the copies of the said Gazette containing the said notification was made available to the public;

And whereas the said Gazette was made available to the public on the 11th December 2020;

And whereas the objections and suggestions received from the public on the said draft regulations have been considered by the Council of the Institute;

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Now, therefore, in the exercise of the powers conferred by sub-section (1) of section 30 of the aforesaid Act, the Council, with the approval of the Central Government, hereby makes the following regulations further to amend the Chartered Accountants Regulations, 1988, namely:-

1. (1) These regulations may be called the Chartered Accountants (Amendment) Regulations, 2021.

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

2. In the Chartered Accountants Regulations, 1988, in Schedule “A”, for Form 18, the following Form shall be substituted, namely:-

“ FORM „18‟

(See section 2(2) of the Chartered Accountants Act, 1949, regulation 53B and regulation 190 of the Chartered Accountants Regulations, 1988)

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Particulars Of Offices And Firms

1. Name of firm/trade name of Chartered Accountant in practice

2. PAN number and GST Registration number of firm1

3. Name(s) of the proprietor/partners of the firm with his/ their membership number(s)

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Details of Partners Holding Certificate of Practice

(Chartered Accountant/Company Secretary/Cost Accountant)

4. (a) Date of formation of proprietary/partnership firm

(b) Date on which the present partnership was entered into

(c) Whether the partnership is supported by a Deed?

(d) Whether all the partners are sharing the profits of the firm?

5. Ref. No; Date and particulars of approval of trade/firm name obtained from the Council (applicable to cases where the firm was started on or after 1.1.1983)

6. Address of the Head Office of the firm/Chartered Accountant in practice.

7. (a) Address(es) of the branch office(s) of the firm/Chartered Accountant in practice, if any

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(b) Date on which each branch office was opened

Read & Download the full Notification in pdf: