Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: VAT Audit :: articles on VAT and GST in India :: form 3cd :: empanelment :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: VAT RATES :: due date for vat payment :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
News Headlines »
 Directions under section 119 of the Income-tax Act, 1961
 Securities excluded from GST ambit in revised Bill
 GST dilemma: Hope fades for new tax regime
 5nance.com launches tax investment platform
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful

In a knowledge economy, professionals require new skills
May, 31st 2007
There is so much that can be achieved through co-operation, and everything to be lost through confrontation.


MR N. J. YASASWY, founder-Member of the ICFAI.

Acquiring another professional qualification like CFA should never be construed as professional misconduct, as such a stand would be illogical and unreasonable, according to Mr N. J. Yasaswy, founder-Member of the ICFAI.

Sounding upbeat after the Supreme Court ruled in the ICFAI's favour in an 18-year-old case against the ICAI, he told Business Line that no professional institute should do anything that violates the fundamental rights of its members.

The ICAI had, in 1989, prohibited its members from using the description `Chartered Financial Analyst' or its abbreviation, CFA.

In a notification, it said that CAs would be guilty of "professional misconduct" if they obtained CFA qualification on or after January 1, 1990.

"The notification was an unreasonable restriction on CAs and in violation of their fundamental rights," Mr Yasaswy said.

According to him, the CFA is a useful add-on qualification for CAs. "For 18 years, the notification has gone against the fundamental rights of CAs interested in upgrading their knowledge and skills."

He added: "From the beginning, the ICFAI has been arguing that in a knowledge economy, professionals require new skills. The CFA Program provides such new skills as required in the investment industry."

Now that the court has ruled in its favour, the ICFAI would gladly invite CAs to pursue the CFA Program and also take advantage of the various programmes offered by the ICFAI University, he said.

"We look forward to the opportunity to work with the ICAI for promoting amity among all professionals."

Since the judges have talked about "harassment" of CAs, the ICAI Central Council should now encourage CAs to upgrade their knowledge and skills, Mr Yasaswy added.

On flaws in the ICAI's arguments, he said: "Their argument was centred on the alleged similarity of FCA and CFA designations, which was clearly flawed. The users of the services of CAs and CFAs are intelligent enough to know the difference."

He also said that hundreds of advertisements had appeared since 1989 wherein employers had called for FCAs and CFAs "without any apparent confusion. The confusion was only in the imagination of some ICAI Central Council members in 1989."

The tussle began in 1987-88, when some Central Council members approached the MRTPC with a complaint against the ICFAI. However, the complaint was rejected.

Mr Yasaswy recounted that an ICFAI board member met the then CA Institute President, Mr Arvind H. Dalal, and explained in detail the scope and the purpose of the CFA Program.

"We clarified that CFAs were being trained in financial analysis as applicable to the investment industry and that they would not compete with CAs in the practice areas of auditing and taxation."

However, Mr Dalal was not persuaded and went ahead with the notification in August 1989 banning CAs from sporting the CFA tag.

Mr Yasaswy, himself a CA, said that several members were disappointed with the notification.

He believes that the issue could have been sorted out without recourse to litigation.

"Through common friends we tried to approach some members of the Central Council, but that did not yield any positive result."

He feels that the long delay, as a result of heavy backlog of cases in courts, could have been avoided. "It must have adversely affected many CAs during these years."

He added that the Central Council has much answering to do. "It owes an explanation to its members on the issue."

Despite the notional loss of business, the ICFAI has not sought damages.

"The ICFAI never viewed this litigation as a business proposition. We were only worried that many CAs were being unreasonably prevented from enriching their knowledge and skills by pursuing the CFA Program."

Mr Yasaswy also said that professional institutions should try and avoid litigation as far as possible.

"If there is mutual goodwill and respect, they should be able to sort out the problems across the table with an attitude of give and take."

He added: "There is so much that can be achieved through co-operation, and everything to be lost through confrontation. Clearly, co-operation is the way forward."

Looking forward to "friendship and co-operation between the institutes," Mr Yasaswy said that people in power can sometimes cause great damage, the adverse impact of which is felt by future generations.

"We need visionary leaders who can take our professions forward. They should provide inspiring leadership to our institutions. Only those who can forget the past can invent the future."

D. Murali
C. Ramesh

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions