The Institute of Chartered Accountants of India (ICAI) on Wednesday notified the draft regulation for changing the rules of chartered accountants 1988. This is called as Chartered accountants (Amendment) Regulations, 2020.

The Amendment seeks to amend regulation 51, which concerns industrial training under  Chartered Accountants Regulations, 1988.

Under regulation 51 the Institute will substitute sub-regulation (1) that resembles an articled assistant who has passed the Intermediate (Professional Competence) Examination or Professional Education (Examination-II) or Intermediate examination and has completed a minimum of 18 months of practical training under these regulations shall be eligible for industrial training.

The draft regulation further clarifies that an articled assistant may, at his discretion, serve as an industrial trainee for the period specified in sub-regulation (4) in such offices of the Central or State Governments, Central statutory and judicial authorities, regulatory bodies, banking companies and such other departments of central or state governments, institution or organisation as may be decided by the Council from time to time; or in any of the financial, commercial, industrial undertakings with minimum fixed assets or minimum total turnover or minimum paid-up share capital as may be approved by the Council from time to time.

An articled assistant shall intimate to his principal his intention to take such industrial training at at least 3 months before the date on which such training is to commence.

The period of industrial training may range between nine months and eighteen months.