Section 4 of The Cost Accountants Act, 1959 in hindi
- (1)Any of the following persons shall be entitled to have his name entered in the 1[Register of members], namely:--
- (i)any person who was an associate or a fellow of the dissolved company (other than an honorary associate or honorary fellow thereof) immediately before the commencement of this Act, except any such person who is not a permanent resident of India and is not at such commencement practicing as a cost accountant in India;
- (ii)any person who has passed such examination and completed such training as may be prescribed for members of the Institute;
- (iii)any person who, at the commencement of this Act, is engaged in the practice of cost accountancy in India and who fulfills such conditions as the Central Government or the Council may specify in this behalf;
- (iv)any person who has passed such other examination and completed such other training 2[outside India] as is recognised by the Central Government or the Council as being equivalent to the examination and training prescribed for members of the Institute: Provided that in the case of any person who is not permanently residing in India, the Central Government or the Council may impose such further conditions as it may deem fit;
- (v)any person domiciled in India, who at the commencement of this Act is studying for any foreign examination and is at the same time undergoing training, whether within or 2[outside India], or, who, having passed such examination, is at such commencement undergoing training whether within or 2[outside India]: Provided that such foreign examination and training are recognised by the Central Government or the Council in this behalf: Provided further that the person passes the examination and completes his training within five years from the commencement of this Act.
- (2)Every person belonging to the class mentioned in clause (i) of sub-section (1) shall have his name entered in the 1[Register of members] without the payment of any entrance fee. 3[(3) Every person belonging to any of the classes mentioned in clauses (ii), (iii), (iv) and (v) of sub-section (1) shall have his name entered in the 1[Register of members] on an application being made and granted in the prescribed manner and on payment of such fees, as may be determined, by notification, by the Council 4***: 5*****]
- (4)The Central Government shall take such steps as may be necessary for the purpose of having the names of all persons belonging to the class mentioned in clause (i) of sub-section (1) entered in the 1[Register of members] at the commencement of this Act.
Summary
- It lists the categories of people who can register as members of the Institute.
- Former members of the dissolved company (excluding honorary ones) who are permanent residents or practicing in India are entitled to register without paying an entrance fee.
- Candidates who pass the prescribed examinations and complete the prescribed training are eligible to register.
- People with equivalent foreign qualifications and training can be registered, with additional conditions possible for non-residents.
- Domiciled Indians studying for foreign exams at commencement must complete their training and pass within five years to register.
- Registration for most new applicants requires an application and payment of fees determined by the Council.
Practical examples
FAQ
1. Who can get registered as a member without paying an entrance fee?
Anyone who was an associate or fellow of the old dissolved company (except honorary members) immediately before the Act started, provided they are permanent residents or practicing in India.
2. Can someone with foreign qualifications join the Institute?
Yes, if the Central Government or the Council recognizes their exams and training as equivalent, though non-residents may face extra conditions.
3. What is the time limit for Indian students of foreign exams to qualify under Section 4?
They must pass their foreign exams and complete their training within five years from the commencement of the Act.
4. Who decides the fees for entering names in the Register of members?
The Council determines the registration fees by publishing a notification.
Test yourself
Q1.Under Section 4 of The Cost Accountants Act, 1959, which group of applicants is exempt from paying an entrance fee for registration?
Q2.Under Section 4 of The Cost Accountants Act, 1959, what is the deadline for an Indian-domiciled student studying for a recognized foreign exam at commencement to pass and complete training?
Q3.Under Section 4 of The Cost Accountants Act, 1959, who has the power to impose additional conditions on a non-resident applicant applying with foreign qualifications?
Q4.Under Section 4 of The Cost Accountants Act, 1959, how are registration fees determined for candidates qualifying through the standard examinations?