ICAI's Scholarship

The Board of Trustees of The Chartered Accountants Students Benevolent Fund have decided to grant financial assistance to 300 students (who are currently undergoing articled training in accordance with The Chartered Accountants Regulations, 1988 and are poor, needy but meritorious) requiring financial assistance to pursue the Chartered Accountancy course @ Rs. 1000/- p.m. for one year with effect from 1st April, 2013 to 31st March, 2014 to be paid in lump sum, subject to filing of application for the same.

The eligibility criteria for obtaining financial assistance from CASBF are as under: 

i) Passed 10 + 2 examination with a minimum of 70 percent marks and also have Passed Common Proficiency Test of ICAI in the first attempt

Or

Passed B.Com Examination of a recognized University with a minimum of 60% marks.

ii) Currently undergoing articled training as per CA Regulations.

iii) Annual income of parents from all sources must be less than Rs. 1.50 lakh.

Students who are needy, poor but meritorious and are fulfilling the above criteria may apply for financial assistance from the Chartered Accountants Students Benevolent Fund. Students may send their request in the prescribed form, duly filled in to the Member Secretary, Chartered Accountants Students Benevolent Fund at the following address so as to reach on or before 30th November, 2013. The form can be downloaded from website of the Institute www.icai.org.

The Board of Trustees will consider each of such cases on merit basis and decide at their discretion the amount to be granted from Chartered Accountants Students Benevolent Fund 

To fill the form visit http://www.icai.org/new_post.html?post_id=9955&c_id=240.

Note: The image shown above is a property of ICAI. The author has used the image only for representational purpose.

ICSI's seminar on Capital Market

BACKGROUND

The growing number and size of capital market frauds are now

a great cause of worry to the regulators, as besides hurting the

investors, these harm the economy significantly. There are

various kinds of frauds in defiance of the laws. But there are

also malpractices, primarily designed at the enrichment of the

promoters, which comply with the law in letter but not in spirit

or that exploit regulatory gaps, often causing huge harm to

minority shareholders/small investors. Over the recent years,

SEBI has come down heavily on the fraudsters.

Going forward, some paradigm developments in the recent

past including greater empowerment of SEBI and SFIO, The

Companies Act 2013 and the proposed Indian Financial Code

are likely to not only act as deterrents but also deal with frauds

more effectively.

With a view to carefully analyze various aspects of capital

market frauds, and to elicit views on containing these in the

future, it is our pleasure to inform that PHD Chamber of

Commerce and Industry is organizing a National Conference on

“Capital Market Frauds and Malpractices - Genesis,

Resolution and Prevention” on Thursday, 10th October 2013

at 9.00 a.m. at PHD House, 4/2 Siri Institutional Area, August

Kranti Marg, New Delhi.

CHIEF GUEST

MR.UKSINHA

CHAIRMAN, SECURITIES

AND EXCHANGE BOARD OF INDIA

The Participation Fee for this

Conference is Rs 2000/-

(inclusive of service tax

@ 12.36%).

Concessional

Delegate Fee of

Rs. 1000 per delegate for ICSI

Members

The fee includes lunch, tea,

conference material & Kit.

ICAI - FAQs on Marksheet.

FAQs on Statement of marks

Part- I Queries relating to statement of marks

1. I appeared in the CA exams, results of which were declared recently. Do I

get a statement of marks from the Institute?

Yes. You will receive a hard copy of the statement of marks from the Institute

within 4 weeks from the date of declaration of result.

A hard copy of the statement of marks, in the official stationery, indicating the

marks secured by the candidates and the result, is sent to all the candidates who

appeared in the exam by speed post, at the address given by the candidates in their

exam form. However, result card of CPT is sent by ordinary post.

2. Is the statement of marks sent only to those who passed the exam? Or is it

sent to all the candidates who appeared in the exam?

It is sent to all the candidates who appeared in one or more papers of the exam. If

a candidate had applied for the examination but not appeared in any of the papers,

then no statement of marks will be issued to him.

3. I appeared in the CA exams. Do I have to apply for issue of the statement of

marks? Or is it sent to me, by the Institute, on its own? Is there any fee for

issue of statement of marks?

Statement of marks is sent to all the candidates who appeared in the exam by

ICAI, free of cost. You do not have to apply for it. However, in case you want to

be issued a duplicate statement of marks, you will have to make an application for

the same and also pay the applicable fees. For details visit www.icai.org

4. I have taken a print out of my result from the website www.caresults.nic.in

Do I also receive a hard copy of the statement of marks or is it to be printed

from the website?

You will receive a hard copy of the statement of marks in the official stationery

by speed post.

CPT candidates have an option of printing their result card, from the site

www.icai.nic.in/cptresultcard, after about 7-10 days from the date of declaration

of result. This is in addition to the CPT results hosted on www.icai.nic.in. Hard

copy of result card is also sent to candidates who appeared in CPT. Printing the

result card from the website is an additional facility provided to the CPT

candidates only, for the present.5. Is the CPT statement of marks, printed from the website, valid?

Yes. It is valid for admission to the next level of the course, i.e. Intermediate

(IPC) course.

In some cases, CPT statement of marks printed from the website may not contain

the photograph and signature of the candidates, if they had not submitted the same

to the office. Such CPT statement of marks printed from website, which do not

contain photograph and signature of the candidates are not valid.

6. How soon do I receive the statement of marks, after declaration of results?

Hard copies of statement of marks are sent to the candidates, soon after

declaration of results. You should be receiving the same, generally within about

4 weeks time from the date of declaration of results.

7. Does the statement of marks contain my photograph and signature?

Statement of markss of CA Intermediate and Final exams do not contain the

candidate’s photograph or signature.

Hard copy of CPT result card contains both photograph and signature of the

candidates.

CPT result cards printed from the website may not contain the photograph and

signature of the candidates, if they had not submitted the same to the office. Such

CPT result cards printed from website, which do not contain photograph and

signature of the candidates are not valid.

8. Does the statement of marks also indicate whether exemption was granted to

me in a paper(s)?

Yes.

“#” symbol printed against the marks of a paper denotes that you have been

granted an exemption in that paper, which will be valid for the immediate next

three following exams. The result of such group(s) is shown as “F-EX” ( i.e.

failed with exemption)

Alphabet “E” printed against the marks of a paper denotes that marks of that

paper have been brought forward from an exemption granted in that paper in an

earlier attempt.

If no such symbol or alphabet is printed against the marks of any paper, even

though the marks obtained in that paper may be more than 60, then thatindicates that no exemption has been granted in that paper. The result of

that group(s) is shown as “Fail”.

9. I received my statement of marks. I find that there is a footnote therein

which states “Passed under Regulation -----“. What does it mean? I do not

find that footnote in the statement of marks of my friends who also passed

the exam. Does it make a difference to me?

As per CA Regulations, a candidate shall ordinarily be declared to have passed in

both the groups simultaneously, if he

a) Secures at one sitting a minimum of 40 per cent marks in each paper of each of

the groups and minimum of 50 percent marks in the aggregate of all the papers of

each of the groups; or

b) Secures at one sitting a minimum of 40 percent marks in each paper of both the

groups and a minimum of 50 per cent marks in the aggregate of all the papers of

both the groups taken together.

In the statement of marks of those who pass under category (b) mentioned above,

the above footnote “Passed under Regulation -------“ is inscribed to make a

distinction between the two categories.

You might have passed under category (b) and hence the footnote on your

statement of marks.

It does not make a difference to the candidates since the result in both groups is

“PASS”.

10. I am a CPT student. I had omitted to affix my photograph and signature on

the exam form? Will my result card contain my photograph and signature?

What do I do now? Can I send them to you by post or can I email to you my

scanned photograph and signature?

Hard copies of CPT result cards will NOT be issued without photograph and

signature of the candidate. You will have to send your photograph and signature

along with your particulars duly attested by a Chartered Accountant or Principal

of an educational Institution or a Gazetted Officer, on his letterhead /official

stationery, to the Exam Dept. , at the following address, by speed post:

The Additional Secretary (Exams),

The Institute of Chartered Accountants of India,

ICAI Bhawan

Indraprastha Marg

New Delhi 110 002Upon receipt of the same, your result card will be issued.

11. It is more than a month from the date of declaration of results. I have not yet

received my original statement of marks? Whom should I contact?

In case you do not receive your statement of marks within about 30-40 days from

the date of declaration of results, you can write to us at the above mentioned

address or email scanned copy of your signed request letter to

dms_examhelpline@icai.in, indicating therein, clearly, your name, complete

postal address, roll number, name of the exam, month/year in which held etc.

The office will arrange to re-send the statement of marks/result card ( if received

back undelivered) or prepare a duplicate one and send you again by Speed Post.

However, such a request must be received within a period of two months from the

date of declaration of results.

12. There is an error in the spelling of my name contained in the statement of

marks. Or

There is an error in my registration number printed on the statement of

marks. Or

Marks printed on my statement of marks are faded or are not clearly visible.

Or

Marks awarded column is blank. Or

I received the statement of marks in a damaged or mutilated/defaced

condition.

What do I do?

You may write to us, at the above mentioned address, enclosing the following:

 A letter clearly specifying the correction/s required

 Copy of the letter issued by ICAI at the time of registering you in the CA

course

 Original statement of marks with the error

Please send all your correspondence with the Exam Dept. by Speed Post and not

by any private courier or ordinary post.

A corrected statement of marks will be issued to you, free of cost.

Part II- Revised statement of marks:

13. I applied for verification of marks, after the results. I understand that my

marks were revised, pursuant to verification. Do I get a revised statement of

marks? Do I have to return my original statement of marks to get the

revised one?Yes. The revised statement of marks will be issued to you, free of cost. It will be

sent to you by speed post, at the address mentioned by you in your exam form.

The words “Revised Statement of marks” will be inscribed on it.

You will be required to return the original statement of marks, after receiving the

revised statement of marks.

14. I have not received my revised statement of marks, which is reported to have

been sent by speed post, pursuant to revision of my marks in verification. It

appears that it is lost in transit. What do I do?

You may write to us at the following email IDs:

Relating to Final exam: final_examhelpline@icai.in

Relating to Intermediate(IPC) Exam: intermediate_examhelpline@icai.in

Relating to CPT: cpt_exam@icai.in

Part III- Duplicate statement of marks

15. I have not received my original statement of marks, reported to have been

sent by speed post. It appears that it is lost in transit. How do I get my

statement of marks?

You may apply for issue of a duplicate statement of marks in the prescribed

format, along with the applicable fees.

However, duplicate statement of marks will be issued free of cost if the request

for issue of the same is received within a period of two months of the date of

declaration of result. Applications received thereafter will have to be

accompanied by the applicable fees.

Please visit www.icai.org for details.

The words “Duplicate” would be inscribed on the duplicate statement of marks.

16. I have lost my statement of marks. Can I get a duplicate statement of

marks?

Yes. You may apply for issue of duplicate statement of marks, in the prescribed

form along with the applicable fees. Please visit www.icai.org for details. The

words “Duplicate” would be inscribed on it.

17. Whom do I contact, for issue of a duplicate statement of marks?

You may contact the Duplicate Statement of marks section of the Exam Dept. for

issue of a duplicate statement of marks:Contact details are as follows:

E mail: dms_examhelpline@icai.in

Note: Image shown above is a property of ICAI. The author has used the image only for representational purpose.

Source of Text: www.icai.org

ICAI President's message.

Dear Friends,

Now, a survey says that while the contemporary labour market conditions across the world will expectedly be positive, Indian companies may be the world’s biggest recruiters in Q4, i.e. the upcoming quarter, improving by 15 per cent from Q3. As much as 41 per cent of Indian employers expect payrolls to increase. Along with Taiwan, Panama, Singapore and Brazil, our hiring outlook appears to be the strongest. The Sensex gained 6.88 per cent in September (till September 23, 2013) to a near-three-year closing high. From a 52-week low of 17,448.71 as on August 28, 2013, the Sensex has risen 14.05 per cent. Our export climbed 13 per cent to $26 billion in August, while bringing the trade deficit down. The forex and equity markets respond eventually to the recent bold measures of the RBI and gain steadily on news of improved balance of trade. FII flows turn positive with a purchase of nearly 11000 crore of shares in September so far. India registers its strong presence and records the sharpest rise in the number of UHNW (ultra high net worth) individuals despite the recent economic crisis and rupee depreciation. As per the World Wealth Report 2013, we can now boast of a total of 7850 UHNW individuals, while showing the highest increase among the BRICS nations in the last 12. 
The confidence expressed by the current RBI Governor strongly indicates the stabilisation of our rupee. Our rupee rises to about 62.5. The Finance Ministry and the RBI have discussed to gradually unwind last month’s capital control measures and announce more measures to open up the economy in the coming days. In fact, the RBI at its last quarterly policy review partially rolled back the liquidity tightening measures announced
At this positive note, let us look at some of the most significant professional developments of last one month:
Companies Act, 2013 Gets Assent from Preside
Hon’ble President of India gave his assent on the new Companies Act, 2013 on 29th August, 2013, to consolidate and amend the law relating to the companies in India. As many as 98 sections of the Companies Act, 2013 were already notified by the Ministry of Corporate Affairs (MCA) to bring them in force from 12th September, 2013 onwards. Draft Rules covering 16 Chapters and 9 Chapters under the Companies Act, 2013 were made live for public comments in the first and second phases respectively, while the last date of receiving comments is 8th October and 19th October, 2013. We are framing our response and will soon send it for consideration.

President of India to Grace our International Conference: I am very happy to share with you that the Hon’ble President of India Shri Pranab Mukherjee has agreed to grace our International Conference on Accountancy Profession: Emerging Frontiers of Future Growth which will be held in November 2013 in Kolkata covering issues in financial reporting, corporate finance, leadership, IT and global trade development, among others. I would request all our stakeholders to actively participate in the Conference. CAPA Supports PAOs in South Pacific: The Confederation of Asian and Pacific Accountants (CAPA) recently held a unique outreach activity in a South Pacific island Samoa and, using its Professional Accountancy Organisation Development Committee (PAODC), it helped its member SIA (Samoa Institute of Accountants) in holding various professional activities including panel discussions on the perspectives of accountants in public practice, business, and the public sector. We have also been extending all possible technical and infrastructural help to the accountancy organisations of our neighbouring countries and therefore, appreciate this helpful gesture of CAPA, as we too sincerely believe in the integral link between professional accountancy organisations and financial stability and overall economic growth of a nation. The ICAI is hosting the meetings of CAPA Board and Committees, along with those of SAFA Board and Committees, in Kolkata on 19th-20th November, 2013. New Chapter and Other Developments in Australia: The Brisbane Chapter of ICAI as 22nd Chapter of ICAI abroad, was inaugurated recently. An ICAI delegation was on a study visit to Australia, where they also participated in a one-day International Conference, on Global Mindset-An Indian Perspective, organised by the Australian Chapter of the Institute in Sydney and in a panel discussion on India-Australia Trade Relations: Challenges and Opportunities. Meetings were held with the President and CEO of The Institute of Chartered Accountants in Australia, Consulate General of India in Sydney, Australian Securities and Investments Commission, Australian Accounting Standards Board and CPA Australia, during the visit. Lok Sabha Passes PFRDA Bill, 2011 with Amendments: The Pension Fund Regulatory and Development Authority Bill (PFRDA), 2011 was passed by the Lok Sabha recently with certain amendments. Besides seeking to empower PFRDA to regulate the New Pension System (NPS), the Bill would make the PFRDA a statutory authority and provide subscribers many choices to invest depending on their capacity to take risk. MCA Appeals to Avoid Last Minute Filing of Return: To avoid last minute rush and system congestion in MCA21 towards end of October and November 2013, I request all of you to expedite filing of balance sheet and annual return without waiting for the last days of the months. During October and November 2013, corporate seva kendra (help desks) would give priority in e-filing/answering queries of companies for filing balance sheet and annual return. Please plan your filing accordingly. e-Filing of Tax Audit Report: The e-filing of tax audit reports has been made mandatory from the assessment year 2013-14 onwards. In order to e-file a tax audit report, a Chartered Accountant requires to register herself/himself in the e-filing portal as a tax professional. Since our members are facing problems in registering themselves and e-filing of tax audit reports, we took the matter to the appropriate authorities. We met the officials from the Directorate of Incometax (Systems) and submitted our concerns to the DGIT (Systems). We have prepared certain FAQs in consultation with the Directorate of Income-tax (Systems) and released the same. We have hosted an announcement for our members informing them of a procedure developed for correction in name/date of birth to be followed by them for successful registration as tax professionals. Accountancy & Commerce Education Summit in New Delhi: We recently organised the Accountancy & Commerce Education Summit–2013 in New Delhi with an objective to provide a forum for discussion on various aspects of accountancy and commerce education in India. It was attended by vice-chancellors, principals, head of departments, professors, etc., from universities and other educational institutes across India. The Summit aimed to assess the current state of accountancy and commerce education in India and look for a way to bring a synergy between university and accountancy education, so that competent accounting manpower could be developed in order to address the pressures of our vibrant economy.

*****

Under the new Companies Act, 2013 to be applicable from the next fiscal 2014- 15, all profitable companies have to spend every year at least 2% of their three-year average profit on CSR activities. And this applies to the companies, i.e., about nine to ten thousand companies, having a turnover of 1,000 crore and more, or, a net worth of 500 crore and more, or, a net profit of 5 crore and more. We actually take pride in the Union MCA Minister Shri Sachin Pilot’s declaration that our country is the first in the world to have CSR provisions in the statute. While the MCA expects an annual expenditure of 15,000-20,000 crore over CSR activities by India Inc, companies must take this law as their chance to contribute in creating a better society. Companies can also contribute to the Prime Minister’s National Relief Fund or other Government funds for socioeconomic development and relief, or, for welfare of the underprivileged, minorities and women of our society. For me, these CSR activities are more about doing some real groundwork effecting a fundamental positive change in our society. We should consider this our willing responsibility and not a liability. In fact, this law has provided the companies an opportunity to build better and conducive relationship with their immediate external and local constituencies, i.e., where they operate. Realising an emergence of crisis due to natural calamity in Uttarakhand, we handed over a cheque of Rs. 62.5 lakh to our Prime Minister Dr. Manmohan Singh in person for the Prime Minister’s National Relief Fund. Both our members and employees are generously contributing to the account. While I thank them for their understanding and action, I also understand that such acts are not an act of charity. Having a comfortable standing and presence in society, it is our responsibility. At this moment, I find it quite apt to recall the Father of our Nation, Mahatma Gandhi, whose talisman on action, as expressed in 1948 as social concerns, still holds true for all of us. I quote: Whenever you are in doubt, or when the self becomes too much with you, apply the following test. Recall the face of the poorest and the weakest man whom you may have seen, and ask yourself, if the step you contemplate is going to be of any use to him. Will he gain anything by it? Will it restore him to a control over his own life and destiny?…you will find your doubts and your self melt away. His understanding to extend help was tremendous and simple at the same time: See the good in people and help them. Albert Einstein praised him: Generations to come, it may well be, will scarce believe that such a man as this one ever in flesh and blood walked upon this Earth. American President Barack Obama once acknowledged in India: I am mindful that I might not be standing before you today, as President of the United States, had it not been for Gandhi and the message he shared with America and the world. Gandhiji and his words are quite appropriate and relevant for our nation, even today. I extend my sincere wishes in advance for the coming Dussehra and Id-u’l Zuha as both these festivals fall quite close together in October giving us a chance to have an extended celebration period. While the world is becoming individualistic, festivals like these give us moments to be in the company of others and realise the importance of this togetherness in life. Let us celebrate the festivals with happiness and responsibility.

Note : The image shown above is a property of ICAI and has been used by the author only for representational purpose.

Source of text : www.icai.org 

ICAI's new Promotional Video.

ICAI has launched a new promotional video to encourage students to take Chartered Accountancy as a career. To watch this video click on the link http://www.youtube.com/watch?v=i13n_j5T8t4.

This video has been made by Institute of Chartered Accountants of India in collaboration with UTV Motion Ltd.





Note: Image given above belongs to its rightful owner/s. The Author has used it only  for representational purpose.