An articled clerk who has passed the Professional Education (Examination - II) or the Intermediate examination under these regulations may, at his discretion, serve as an industrial trainee for the period specified in sub-regulation (2) in any of the financial, commercial, industrial undertakings with minimum fixed assets of Rs. 1 crore; or minimum total turnover of Rs. 10 crores; or minimum paid-up share chapital Rs. 50 lakhs; or such other Institute or organisation as may be approved by the Council from time to time:
Provided that the articled clerk has intimated to his Principal his intention to take such industrial training at least three months before the date on which such training is to commence.";
The period of industrial training may range between nine months and twelve months during the last year of the prescribed period of practical training.
The industrial training shall be received under a member of the Institute. An Associate who has been a member for continuous period of at least three years shall be entitled to train one industrial trainee at a time and a fellow shall be entitled to train two industrial trainees at a time, whether such trainees be articled clerks or audit clerks.
An agreement of training shall be entered into in the form approved by the Council.
On satisfactory completion of the Industrial training, the member training the industrial trainee, shall forthwith issue to the trainee a certificate in the form** approved by the Council in respect of the training undergone under him and forward a copy thereof to the Secretary.
The period of industrial training referred to under this regulation, should be treated as service under articles for all purposes of these regulations, provided the certificate referred to in sub-regulation (5) is provided.