An announcement has been made by the Central Council of ICAI that old course students will be provided with relaxation so that they can begin their three years of Practical Training (PT). This step has been taken to remove hardships caused to students on account of implementation of NSET 2023.
New Delhi: The Institute of Chartered Accountants of India (ICAI) has made an announcement for the old programme students; the institute has announced relaxations for these students so that they can begin their three year practical training. This announcement was put up by the official account of ICAI on the microblogging site X (previously known as Twitter).
This relaxation has been given to which students and what are the changes that have been made, let us find out in detail…
Which Students Have Been Given Relaxation
This relaxation has been given to students who under the previous system, had passed one of the group of the intermediate exams and provisionally registered in (foundation and CPT route) intermediate to the (direct entry scheme) intermediate, to sit for the exam in November, 2023.
Changes Made By The ICAI
The implementation of the New Scheme of Education and Training (NSET) 2023 posed quite a few challenges before the students and this is the reason why relaxation has been given in exercise of powers under Regulation 205 of the Chartered Accountants Regulations, 1988.
- By September 30, those students will be able to choose the three years of practical training who have passed one of the groups of the intermediate exams under the Old Scheme of Education and Training; these students will be able to provide within a month, the article registration form. The form will not be accepted after the completion of 30 days in any case, not even with condonation fees.
- If a direct entry student has registered for the intermediate programme under the old scheme, he/she will begin his/her three years of practical training after submitting satisfactory proof showing that they have passed the graduation exam with minimum marks mentioned in sub-regulation (4) of Regulation 28F and completion of the ICITSS Course as given in Regulation 51(D). The article registration form for the same can be submitted latest by September 30.
- Those who initially registered through CPT and foundation route, for the intermediate or its equivalent programme, showed up for the exam but could not qualify it and then later switched to direct entry scheme, shall be exempted from the eligibility criteria of completing nine months of PT to appear in the November 2023 intermediate exams. They must begin their practical training by submitting the condonation fees by September 30.
The Indian Institute of Chartered Accountants of India was established by an Act of Parliament, The Chartered Accountants Act, 1949 and is a statutory body. It was set up for the regulation of of the profession of Chartered Accountancy in India and functions under the administrative control of the Ministry of Corporate Affairs, Government of India. It is the second largest professional body of Chartered Accountants in the world.
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