In order to improve standards of professions, the Central Government has planned to appoint regulators for the Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India, Medical Council of India (MCI) and other professional bodies. Key points of this development are as follows:
1. The Ministry of Commerce is working on this proposal with objective that having independent regulators, like SEBI, CCI, etc., for professional bodies would help to make India globallya potential services hub in the upcoming years.
2. At present, ICAI, ICSI and MCI have their own councils of elected or nominated members, which regulate their respective professions. ICAI Council has 40 members, ICSI has 15 and MCI has 100-odd members.
3. From the point of view of number of membership, ICAI is considered as second-largest professional accounting and finance body worldwide.
4. But after appointment of regulators all the professional bodies, including ICAI, ICSI and MCI, would cease to regulate theirrespective professions. However, power to manage internal professional matters will continue to vest in them.
5. The Govt. has taken such step after unravelling of various cases like Kingfisher, Sahara, Saradha and Satyam.
6. On the one hand, it will help these professional bodies to improve the standards in their respective professions and to remove any conflict of interest in their respective roles, on the other hand it will also help in taking quick action against the members of their own professional fraternity on any complaint.