Any person who,—

(i) not being a member of the Institute—

(a) represents that he is a member of the Institute; or

(b) uses the designation cost accountant; or

(ii) being a member of the Institute, but not having a certificate of practice, represents that he is in practice or practices as a cost accountant;

shall be punishable on first conviction with fine which may extend to ¹[one lakh rupees], and on any subsequent conviction with imprisonment which may extend to six months, or with fine which may extend to ²[five lakh rupees], or with both.


1 Subs. by Act 12 of 2022, s. 63, for “one thousand rupees” (w.e.f. 10-5-2022).
2. Subs. by s. 63, ibid., for “five thousand rupees” (w.e.f. 10-5-2022).