(1) The members of the Institute shall be divided into two classes designated respectively as associates and fellows.

(2) Any person other than a person to whom the provisions of sub-section (3) apply shall, on his name being entered in the ¹[Register of members], be deemed to have become an associate member of the Institute and so long as his name remains so entered, shall be entitled to use the letters ²[ACMA] after his name to indicate that he is an associate member of the ³[Institute of Cost Accountants of India].

(3) Any person who was a fellow of the dissolved company and who is entitled to have his name entered in the ¹[Register of members] under clause (i) of sub-section (1) of section 4, shall be entered in the ¹[Register of members]as a fellow of the Institute.
⁴[(4) A member, being an associate who has been in continuous practice in India for at least five years, whether before or after the commencement of this Act, or whether partly before and partly after the commencement of this Act, and a member who has been an associate for a continuous period of not less than five years and who possesses such qualifications as the Council may prescribe with a view to ensuring that he has experience equivalent to the experience normally acquired as a result of continuous practice for a period of five years as a cost accountant shall, on payment of such fees, as may be determined, by notification, by the Council, ⁵***, and on application made and granted in the prescribed manner, be entered in the Register as a fellow of the Institute
⁶*****.
Explanation I.—For the purposes of this sub-section, a person shall be deemed to have practiced in India for any period for which he has held a certificate of practice under section 6, notwithstanding that he did not actually practice during that period.
Explanation II.—In computing the continuous period during which a person has been an associate of the Institute, there shall be included any continuous period during which the person has been an associate of the dissolved company immediately before he became an associate of the Institute.]
(5) Any person whose name is entered in the¹[Register of members] as a fellow of the Institute and so long as his name remains so entered, shall be entitled to use the letters ⁷[FCMA] after his name to indicate that he is a fellow of the ³[Institute of Cost Accountants of India].

1. Subs. by Act 12 of 2022, s. 43, for "Register " (w.e.f. 10-5-2022).
2. Subs. by Act 10 of 2012, s. 4, for "AICWA" (w.e.f. 1-2-2012).
3. Subs. by s. 4, for "Institute of Cost and Works Accountants " (w.e.f. 1-2-2012).
4. Subs. by Act 7 of 2006, s. 4, for sub-section (4) (w.e.f. 8-8-2006).
5. The words "which shall not exceed rupees five thousand," omitted by Act 12 of 2022, s. 43 (w.e.f. 10-5-2022).
6. The proviso omitted by s. 43, ibid. (w.e.f. 10-5-2022).
7. Subs. by Act 10 of 2012, s. 4, for "FICWA" (w.e.f.1-2-2012).