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Narendra Modi govt to strip ICAI, ICSI, MCI of powers;here’s whyBy: Banikinkar Pattanayak | New Delhi | Updated: July 15, 2016 8:26 AM
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The government is planning a comprehensive overhaul of certain watchdogs — which
are simultaneously acting as the representative bodies of important professional
services — by stripping them of their regulatory powers, as it seeks to remove any
conflict of interests in their respective roles and ensure tougher oversight in accordance
with the best international practices, sources told FE.
So, the Institute of Chartered Accountants of India (ICAI), the Institute of Company
Secretaries of India (ICSI) and the Medical Council of India (MCI) will be among the
bodies that could cease to act as regulators of their respective profession, said one of the
sources.
SHARES
Institute of Chartered Accountants of India (ICAI), the Institute of Company Secretaries of India (ICSI) andthe Medical Council of India (MCI) will be among the bodies that could cease to act as regulators of theirrespective profession, said one of the sources. (Source: Reuters)
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However, they will continue to deal with other internal professional matters as they are
doing now and the government will set up separate regulators for these professional
services, added the source.
The commerce ministry is anchoring this proposal as it believes that having strong,
independent regulators is an absolute prerequisite to project India as a potential global
services hub, especially when the country is seeking to drum up supports for a trade
facilitation agreement in services at the World Trade Organization, said another source.
Also, a regulator without any conflict of interest will be able to guide the government
better without any bias. “If we want to emerge as a serious player in services, we have to
align our regulatory mechanisms in the services sector with the best globally,” said the
source.
“This is a good move. The government must create more regulators like Sebi or the
Competition Commission Of India, which are proper regulatory organisations and not
self-regulators. Self regulatory organisations, particularly those that are run mostly
through elected representatives (like ICAI, ICSI), don’t regulate that effectively because
elected people can’t do the disciplinary work well,” said a former senior official with the
ICSI.
Despite repeated attempts, ICAI and ICSI officials were not available for comments. The
main decision-making body of these institutions are their councils, mostly comprising
elected or nominated members. The MCI council has 100-odd members, while ICAI has
40 members and the ICSI 15.
In terms of membership, ICAI is touted as the second-largest professional accounting
and finance body in the world, after the American Institute of Certified Public
Accountants.
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Name Email Post
Rahul
no body ever can regulate as icai does...totaly wrong move ...would darken the society
about 6 hours ago (1) · (1) reply (0) rahul Up Voted
Maravan Down Voted
R
Rajinikanth
Media should stop doing like thisOnly favorable comments are published other comments ?
about 8 hours ago (0) · (1) reply (0)
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about 8 hours ago (0) · (1) reply (0) Maravan Down Voted
Ravi
very very good move. mci is the most corruptive body. it sees to that india never rises to theinternational globalisation. in medicine
about 8 hours ago (1) · (0) reply (0) Maravan Up Voted
R
Dinesh
Good Move to expose the hidden agenda of many such professional culprits, infact it mustinclude Dental Council of India also under this axe !
about 16 hours ago (1) · (0) reply (0) Maravan Up Voted
D
Sajal Jain
This is a gud move taken by the govt which benefited professionals and bring transparencyand accountability in the decision making.
Hope this will be implemented soon......
about 17 hours ago (1) · (0) reply (0) Maravan Up Voted
SJ
S.Ramakrishna
Legal profession should also be given some financial incentives and protected by amendinglaws and weightage should be given to legal professionals in pubic debate
about 18 hours ago (0) · (0) reply (0)
S
Prasenjit Pal
Very good move. It must happen.
about 18 hours ago (1) · (0) reply (0) Maravan Up Voted
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