Only such a member who is practising in individual name or in a trade name as sole proprietor or in partnership, shall subject to the provisions of these regulations and subject to such terms and conditions as the Council may deem fit to impose in this behalf, be entitled to train such number of articled clerks as are specified hereinafter:-
If he has been incontinuous practice for a period of not less than three years
one articled clerk
If he has been in continuous practice for a period of not less than five years
two articled clerks
If he has been in continuous practice for a period of not less than seven years.
three articled clerks
A member who is in salaried employment under a chartered accountant in practice or a firm of such chartered accountants shall not be eligible to train articled clerks. However, such a member, who has one or mroe articled clerk/s serving under him, on the date of coming into force of these regulations, shall continue to train articled clerk/s till such time, the articled clerk/s already serving under him complete his / their articles training.
Where a member who discontinues his practice or resigns from his partnership / employment in a firm and at the time of discontinuance of practice or his resignation, has one or more articled clerks serving under him, such articled clerks would continue to serve the balance period of his / their articles in the firm, even though all other remaining partners are already training up to their maximum entitlement. Such member would not be entitled to train articled clerk/s till the expiry of the balance period of trainig of the articled clerk/s previously registered under him.
Where a member is a partner in more than one firm and / or is also practising in a trade name as sole proprietor or in his individual name the number of articled clerks which can be trained by such member shall not exceed his entitlement specified in sub-regulation (1).
A member shall be entitled to engage or train an articled clerk only if he is in practice and such practice, in the opinion of the Council is his main occupation and for the purposes of sub-regulation (1) in ascertaining the number of years for which a member was in continuous practice, only the number of years in respect of which the member's practice was his main occupation shall be considered:
Provided that the Council may, in its discretion, condone any break in the continuity of practice, for a period not exceeding 182 days in the aggregate.
Explanation - For the purpose of this sub-regulation, a member who sets up practice, with practice as his main occupation, after having been in employment for a minimum period of six years in one or more financial, commercial or industrial undertakings approved uner regulations 51 and 72 shall be deemed to have been in continuous practice for three years.
The Council may, subject to such terms and conditions as it may deem fit, relax any of the provisions of this regulation in any particular case.
The entitlement of a member to train articled clerks under this regulation shall be subject to such decision as may made by the Council under regulation 67.
Notwithstanding anything contained in this regulation, the Council may permit a member practicing in individual name or in a trade name as a proprietor or a firm of such chartered accountant/s to engage articled clerk/s on such basis and such terms and conditions as may be specified by the Council from time to time."
Copyright 2018 All rights reserved to the ICAI. No part of the contents available in any ICAI publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the Institute.