(1) The Council may, by notification in the Gazette of India, make regulations for the purpose of carrying out the objects of this Act, ¹***.

(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:—

(a) the standard and conduct of examinations under this Act;

(b) the qualifications for the entry of the name of any person in the ²[Register of members] as a member of the Institute;

(c) the qualification required for the purposes of sub-section (4) of section 5;

(d) the conditions under which any examination or training may be treated as equivalent to the examination or training prescribed for members of the Institute;

(e) the conditions under which any foreign qualification may be recognised;

(f) the manner in which and the conditions subject to which applications for entry in the 2^{[Register of members] may be made;}

(g) the fees payable for membership of the Institute and the annual fees payable by associates and fellows of the Institute in respect of their certificates;

3^****;

(i) the particulars to be entered in the Register;

4^****;

(k) the regulation and maintenance of the status and standard of professional qualifications of members of the Institute;

(l) the carrying out of research in accountancy;

(m) the maintenance of libraries and publication of books and periodicals relating to cost accountancy and allied subjects;
(n) the management of the property of the Council and the maintenance and audit of its accounts;
(o) the summoning and holding of meetings of the Council and committees thereof, the times and places of such meetings, the procedure to be followed thereat and the number of members necessary to form a quorum;
(p) the manner in which the annual list of 5^{[members of] the Institute shall be published;
(q) the powers, duties and functions of the President and the Vice-President of the Council;
(r) the functions of the Standing and other committees and the conditions subject to which such functions shall be discharged;}
6^{(s) the circumstances under which certificates of practice may be cancelled under sub-section (3) of section 6;
(sa) the guidelines for granting or refusal of certificates of practice under clause (e) of sub-section (2) of section 15;}

(sb) the manner of appointment, powers, duties, functions, salaries, fees, allowances and other terms and conditions of service of the Secretary and other officers and employees of the Council under clause (c) of sub-section (2) of section 16;
(sc) the manner of preparing annual financial statement under sub-section (4) and the annual accounts under sub-section (5), of section 18;
(sd) the manner of maintaining a Register of the members of the Institute under sub-section (1) of section 19;
(se) the manner of making an application for grant of registration of a firm and the terms and conditions of such registration under section 20A;
(sf) the manner of maintenance of Register of firms and other particulars including details of pendency of any actionable information or complaint or imposition of any penalty against the firm under sub-section (1) and sub-section (2) and the manner in which the annual list of firms registered with the Institute shall be published under sub-section (3), of section 20B;
(sg) the manner of making available status of actionable information and complaints and orders passed under sub-section (9) of section 21;
(sh) the manner of preparing panel of persons under clauses (a), (b) and (c) of sub-section (1) and the allowances payable to the Presiding Officers and members of Board of Discipline under sub-section (8), of section 21A;
(si) the manner of preparing panel of persons under clauses (a), (b) and (c) of sub-section (1) and the allowances payable to the Presiding Officers and members of the Disciplinary Committees under sub-section (8), of section 21B;
(sj) the salaries and allowances and conditions of service of officers and other staff of the Authority under sub-section (2) of section 22D;
(sk) the manner in which Regional Council may be constituted under sub-section (2) of section 23 and the functions thereof;
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(u) the terms and conditions of service of persons who have become employees of the Institute under section 32 of this Act;
(v) the registration and training of students and the fees to be charged therefor; and
(w) any other matter which is required to be, or may be, prescribed under this Act.
(3) All regulations made by the Council under this Act shall be subject to the condition of previous publication and to the approval of the Central Government.
(4) Notwithstanding anything contained in sub-sections (1) and (2), the Central Government may frame the first regulations for the purposes mentioned in this section, and such regulations shall be deemed to have been made by the Council, and shall remain in force until they are amended, altered or revoked by the Council.
8<sup>*****

1. The words and a copy of such regulations shall be sent to each member of the the Institute” omitted by Act 7 of 2006, s. 30 (w.e.f. 17-11-2006).
2.Subs. by Act 12 of 2022, s. 71, for “Register” (w.e.f. 10-5-2022).
3.Clause (h) omitted by s. 71, ibid. (w.e.f. 10-5-2022).
4.Clause (j) omitted by s. 71, ibid. (w.e.f. 10-5-2022).
5.Subs. by s. 71, ibid., for “members of” (w.e.f. 10-5-2022).
6.Subs. by s. 71, ibid., for clause (s) (w.e.f. 10-5-2022).
7.Clause (t) omitted by Act 7 of 2006, s. 30 (w.e.f. 17-11-2006).
8.Sub-section (5) omitted by Act 7 of 2006, s. 30 (w.e.f. 17-11-2006).</sup>