The Institute of Chartered Accountants of India (ICAI) has removed the names of 1,593 Chartered Accountants from its Register of Members due to non-payment of prescribed membership fees. The action was notified under the Chartered Accountants Regulations, 1988, and forms part of a broader set of regulatory updates issued by the professional body in December 2023.
Membership Removal Triggered by Non-Payment of Fees
According to the notification issued by ICAI, the Council exercised its powers under Section 20(1)(c) of the Chartered Accountants Act, 1949, read with Regulation 18 of the Chartered Accountants Regulations, 1988, to remove members who failed to pay the prescribed fees.
The removals came into effect retrospectively from October 1, 2022. The notification included the names and membership registration numbers of the affected Chartered Accountants.
ICAI stated that maintaining active membership status requires timely payment of annual fees, and failure to comply can result in removal from the official register.
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ICAI Also Restores Names of Members
Alongside the removals, ICAI announced the restoration of several members to the Register of Members. As per the notification, the names of 1,206 members were restored retrospectively, while another 428 members were reinstated in accordance with Regulation 20 of the Chartered Accountants Regulations.
The restoration process applies to members who subsequently complied with regulatory requirements or fulfilled pending obligations.
ICAI periodically issues such notifications to update the status of membership records and ensure regulatory compliance within the profession.
Certificate of Practice Cancellations Also Notified
The regulatory update also covered the cancellation of Certificates of Practice (CoP) for certain members.
ICAI stated that the Certificates of Practice of 326 members were cancelled because they no longer wished to continue holding their practice certificates. Additionally, two members had their Certificates of Practice cancelled due to non-payment of annual CoP fees under Regulation 10(1)(iv) read with Regulation 10(2)(b) of the Chartered Accountants Regulations, 1988.
The Institute clarified that cancellation of a CoP means the concerned individual is no longer authorised to practice as a Chartered Accountant.
Demise of Members Recorded in Notification
The ICAI notification also recorded the removal of 83 members from the Register on account of their demise.
The Institute advised members to review the Gazette Notification to verify whether their names or membership registration numbers were included in any of the notified lists concerning removals, restorations, or certificate cancellations.
