ICAI has intensified its disciplinary measures against its members, holding more than 200 hearings in recent months. Sanctions have included the revocation of memberships. Since 2007, over 1,000 chartered accountants have been found guilty of unethical behaviour. Although there has been a surge in activities, the ICAI continues to receive criticism for its previous disciplinary failures.
The Institute of Chartered Accountants of India (ICAI) has stepped up its efforts to discipline dishonest chartered accountants after coming under fire for its dismal record of member discipline.
2,652 chartered accountants have been found “prima facie guilty” of misconduct since the current system was put in place in 2007. However, due to an increase in proceedings, there has been more disciplinary action in recent years.
According to ICAI sources, more than 200 hearings were held during 71 panel sittings between April and August of this year, with penalties ranging from one-month to five-year membership cancellations.
In the last financial year, the disciplinary panel held a record 366 sittings—nearly three times the number conducted in 2022-23. This year’s punishments have been the highest in three years, partly due to the resolution of several cases following a Supreme Court order.
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“Out of the 2,652 cases referred for enquiry, hearing has been concluded in 2,284 cases after giving due opportunity of being heard to the parties to the case by the Board of Discipline and disciplinary committee, according to ICAI sources.
