A Campaign is round the corner which is making news all over the internet and is soon going to be out in the MEDIA. This is a Campaign for better Education Standards for CA Students of Institute of Chartered Accounts of India (ICAI). This Campaign is headed by Mr. Chirag Sawant who is also a final year student of ICAI, who is from the beginning of his course is fighting for his fellow students for betterment of the education quality. This further can be explained in the following article written by he himself:
1. I am a bonafied student of Institute of Charter Accountancy of India. During my academic Career and Life of 10 Years with The Institute, I came across many Errors and Deficiencies, which I found to be VERY VERY SERIOUS after Analysing and Working on it for long with Patience and these have been Very Clearly and Duly Drafted in a “VERY SECRET And CRUCIAL DOCUMENTS” prepared by me, which are AWAITING for Submission (in SDV – Secret Documents Vault) Only to The Hon’ble Minister(s) of HRD, New Delhi And / Or The President of India IMMEDIATELY As per the Format given in My Application to The President of India Dt. 23rd September, 2008, FAX To The President of India Sent on 27/10/2008, RTI (Very Urgent) Dt.29th January,2009 & RTI Reply of The Govt. of India Dt. 20th February, 2009 Vide Serial No. 11/2/2009 – PI. As a result of whichAtleast Rs.10000000000000 (Rupees Ten Lac Crore Only) is the Minimum Revenue which will be reaching to “The Govt. of India’s Treasury” Directly without Any Blockages in the very 1st Year of Application of My “ROOT SOLUTION(s)” to the Issue / Problem by the Govt. of India assuming that they will apply it without any modification(s).
2. I would like to bring to your knowledge the fact that “Financial Management is Essential in a Democratic Set-up as well as in Capitalist Set-up, as it plays a Crucial role in making the best use of resources. Commercial history is full of examples where firms have been liquidated Not because their Technology was Obsolete or because their products are Not in Demand or because their labour was Not Skilled and Motivated but because there was a Complete Mis-management of Financial Affairs. Most of the Sick Mills became Sick merely because the funds were squandered or mis-managed. Even in a Boom Period, when a company makes High Profits, there is a Danger of Liquidation because of Bad Financial Management. Financial Management is very important in the case of NGO’s too which do not pay adequate attention to Financial Management. A NGO may not be keen to make profit, in the traditional sense of the term, but surely it needs to cut down its costs and use the funds at its disposal to their optimum capacity.Similarly is the situation with “The Treasury” of The Govt. of India. A sound sense of Financial Management has to be Cultivated / Developed among our own Bureaucrats, Administrators, Engineers, Educationalists and Public at large. Unless this is done the colossal wastage of the Scarce Capital Resources of Our Country cannot be stopped”.
3. Further, I would like to inform you that “FINANCE and KNOWLEDGE” is the “SPINAL CORD and NERVOUS SYSTEM” of the economy. Even the Strongest Country / Capitalist Economy will break-down like Twin Towers, if proper attention is NOT Given to it’s “FINANCE and KNOWLEDGE BASE”. For this reason, proper attention, Education and Training is to be provided in adequate manner to the Students of Finance in India. So that, in future, after Completion of Education, they can apply their knowledge for Construction and Development of India instead of it’s DESTRUCTION.
4. I want to submit these Documents to YOU ONLY instead of My Institute i.e. The ICAI because I want to bring an improvement into the system instead of facing the anger of The Institute by pointing out their Errors on their Face. It is similar to a situation, where I have or want to bring changes in the behaviour of my parents in my brought-up and if I point-out or request my parents to bring such a change, their EGO will be Hurted and the situation will get even WORSE. Instead, I will go to my Uncle and Aunty, Grandparents and other Near and Dear Ones, who are of the same age or senior to my parents and express my views and thoughts to them Freely. As a result of which, they will think on this matter seriously and explain to my parents in their way. As a result of which, I will be able to bring a change (little change) in my parents EFFECTIVELY. So, if I am submitting these Documents to you, Even my Institute will Not get Annoyed and they will be even more happy, if any changes is recommended with reference to my submissions.
5. YOUTH contributes major part in the growth and development of India. So, they should be paid proper attention and given proper Education and Knowledge or else they will go on a WRONG TRACK, Direction and in a WRONG COMPANY (i.e. Circle) which will motivate them to do Evils.
6. “FINANCE” is a matter which is Affecting Each and Every Sector, Section and People of the Economy. So, “Financial Education” is to be Implemented with Utmost Care. And, “FINANCE” is a Very Attractive and Most Slippery Thing which Very Few can Understand and Control.
7. CA Exams including CPT is taken 2 Times in a Year. At Present, there are More than 5,00,000 (Five Lakhs) Students (YOUTHS) in CA COURSE. Exam Fees is Nearly Rs.2,000/- Per Student (YOUTHS). Now, Every Year Income from Just Exam Fees is 5,00,000 X 2,000 X 2 (Times) = .………………(Approx.). Tomorrow, Number of Students (YOUTHS) are going to Increase to 10,00,000 , 20,00,000 And More………. Also, the result is Not More than 20%. So, 80% of the Students are going to Pay Exam Fees Every Year. PLUS – Course Fees, Income from Suggested Answers, Compilations, Seminars Etc. EXTRA. In Short, it is A CHEAP BUSINESS OF MAKING MONEY BY FOOLING INNOCENT STUDENTS AND PEOPLE OF THE COUNTRY Without Providing Any Education and Playing with the Life and Future (i.e. YOUTHS) of India. I / We hope You All will Agree with Me / Us ???
8. Article-ship is also there in Medical Field i.e. Doctors And Legal Education But there students are given THEORETICAL CLASS-ROOM EDUCATION FIRST And then only they are allowed and given Intern-ship. But in CA COURSE, Why there is Article-ship WITHOUT ANY THEORETICAL CLASS-ROOM EDUCATION by The ICAI??? Just for their SELFISH INTENSION of getting Cheap LOW-COST Employees, Members of The ICAI & The ICAI has Formulated such Scheme to Misguide Innocent Students and their Parents and people too.
9. Students of CA Curriculum Are RESTRICTED from Taking BASIC (Core) Education of Commerce i.e.. F.Y., S.Y., T.Y.B.Com. As a Result, their “BASE” Remains WEAK, which will be HARMFUL / FATALISTIC for their Future Life, for A Company in which they are going to work and For NATION Too.
In CA Curriculum Students’ are “Taught”, “Forced”, “Compelled” And “Trained” / Asked to Make FAKE (FALSE) Balance Sheet(s) , FAKE Expense(s) Entries and Voucher(s),FAKE Profit & Loss A/c., And Filing FAKE Income-tax / Sales Tax Return(s) Etc. of People / Client(s) in within the CLOSED DOORS OF Various CA FIRMS of Members’ of The ICAI – All Over India according to the desires of the CA’s in favour of the Companies, Etc. As a result of which “REVENUE” is “BLOCKED” From Reaching The Govt. of India’s Treasury, which in turn has / is hampering the Progress and Development of India and Common Man and also give rise to Heavy Taxes and Increasing Prices i.e. Inflation.
In Short, CRIMINAL EDUCATION is Being Imparted Uninterruptly Since Past 60 Years. As a result of which A CRIMINAL is Produced i.e. A Sophisticated White Collar Criminal, instead of Good Citizen of India which results into SATYAM SCAM.
For E.g. “SATYAM” Case. It’s Roots’ are Here in the Faulty Education System of The Govt. of India.
1. Preambles of Chartered Accountants (Amendment) Act, 2006 as well as the Patent Act specify that the Objective of the Act is to make provision for the regulation of the profession of Chartered Accountants.
2. It is appalling as to how, Ministry of Corporate Affairs, GOI, which is the controlling Ministry of ICAI in the first instance had approved the amendments to CA Regulations vide Regulations 25C (2) in authorising ICAI to collect CPT Course Fee up to a max. of Rs.15000/- for CPT vide Notification dated 13-09-2006 followed by further amendments to CA Regulations vide 28D (3) in authorising ICAI to collect Rs.12, 000/- towards IPCC Course albeit no provision in the Amendment Act 2006 to levy and collect fee for any Course, whereas the powers to collect fee under Section 15 (2)(h) of the Amendment Act, 2006, is confined to members, examiners and other persons only but obviously excluding students. It is relevant to point out here that the terms ‘examinees’ meaning only candidates who have registered for a particular examination by payment of fee together with fulfilment of eligibility conditions including candidates who have completed the course and intend to reappear, such term would not be extended to students since they are the ones who are undergoing different courses.
3. That Regulation 25C vide Notification dated 13-09-2006 is a fraud on the hapless students in as much as ‘fee’ not exceeding Rs.10,000/- sought to be collected under Regulation 25(D)(2) under Admission to ‘Common Proficiency Test’ and a separate ‘fee’ not exceeding Rs.15,000/- under Regulation 25C(2) additionally sought to be collected under the guise of ‘Common Proficiency Test’ towards Registration of a non-existing Course thus amounting to double jeopardy for the students appearing for a mere screening competitive test analogous to any other Common Professional Entrance Tests.
4. Yet another ultra vires action of the Council is the action of charging of PCC Course fee at Rs.7500/- from September 2006 without any regulatory provision whatsoever. Ministry of Corporate Affairs and Ministry of Law had miserably failed in approving the Notification dated 13-09-2006, which does not contain any provision for conducting PCC course and or levy and collection of fee thereto. The fee collected without any authority of law is therefore returnable to all students who had registered for the course.
5. That ICAI finding no authority under the provisions of the Patent Act as well as the CA Amendment Act, 2006 to register students in respect of mid-level courses namely, intermediate, PE-II, PCC, IPCC courses for the purpose of collecting course fee, has adopted a very innovative but devious method of interpolating provisions pertaining to Registration/Enrolment to Courses and powers for levy and collection of course fee via surreptitious insertions of Regulations 28A and 28D relating to course registration and fee collection intermingling them under the guise of Examination related matters under Chapter III – titled as ‘Examination’ along with Regulations 26, 27, 28, 28B, 28C and 28E pertaining to Admission to the respective Examinations, Examination fee & syllabus. There being not even a single word namely ‘students’ in the entire Act, ICAI being constrained not to enact any provisions relating to courses, fee collection, etc., under the CA Regulation had resorted to devious means of surreptitious interpolation of courses and fee related provisions under Examination Chapter to hoodwink students, parents, teachers and administrators for the past 67 years which is not only ultra vires of the Act but also well as tantamount to colourable exercise of power and cheating.
6. That the CA Act being enacted for the ‘regulation of the profession including enrolment and conduct of examination’ only for the purpose of enrolment as members, ICAI is at no liberty to conduct any Certificate Course as it fancies analogous to a private University by notifying the introduction of Accountant Technician Course as ‘Optional Certificate Course’ under Regulation 28D(1) vide Notification dated 2-12-2008 which is not in the progressive line leading to membership of ICAI Institute but with the malafide intention of creating lower level Helpers to members of ICAI amounting to arbitrary, capricious and colourable exercise of power based on extraneous and irrelevant consideration and collateral purpose in conflict with the objective of the Act and also strikes at the root of Article 14 of the Constitution by virtue of transgressing the Rule of Law.
7. That ICAI claims that the unique feature of it’s educational system is the compulsory article training of 3 / 3 ½ years duration in CA Firms, which provides students exposure, confidence and professional training which in turn claim to be extremely helpful in passing all examinations. In the absence of any compulsory and uniform theoretical coaching, the compulsory practical training being the only mode of training, the efficacy of such compulsory practical training must be measured in terms of the outcome of the results of PCC/ IPCC and Final Examinations since ICAI itself had declared that the CA education is only through ‘Distance Mode’ supplemented by cosmetic attempts of some telecast programmes. The full-time compulsory article training with the attendant ‘distance education’ which essentially is ‘no education’ leads to four major flaws in the educational administration of ICAI to the detriment of students in the Institute’s training methodology namely, i. despite the claim of unique practical training provided during the article ship by the CA firms, the ultimate pass percentage is abysmally low -as low as 8 to 12 % as indicated in the preceding paragraph, ii. unequal and highly differentiated article training with highly accentuated variables such as the Size of the CA firms, Geographical location of the firm/ Audit and Client Portfolio Mix, works more to the advantage of article assistants working in city based medium and big firms compared to the article assistants from semi-urban areas who are placed at a great disadvantage of lack of or inadequate exposure iii. Non-Observance of requirements under paras 18, 19, 20, 25 and 26 IES 5 of IFAC and IV. Disproportionate importance on practical training by virtue of having 38 Regulations compared to no regulatory provision at all as regards theoretical training. ICAI had therefore not only denied Equal Protection of Law to the students as elucidated above but had also consciously and deliberately had imposed and still is perpetuating unequal privileges, circumstances by way of unequal size of firms with unequal exposure, expertise and training abilities thus embedded with inherent discrimination, more so when the only input by ICAI for passing examinations is only the practical training and supply of study materials.
8. That whereas the conversion rate of students entering CA Articleship into membership ranges from a minimum of 4.2% to max. of 12.8% during the periods from 2001 to 2009, the conversion rate of the students joining professional courses such as Medicine, Engineering, Law and other Professional Courses into full-fledged professionals consequent to passing all examinations and other training requirements is not less than 70%. The pass percentage in these professional courses are perceptibly very high not because the standards of the concerned professional examinations are lower but because of the presence of University system of pedagogy, factoring into it some of the salient features such as:
a. Such professional courses are not directly run by the Professional Bodies but by Universities and Colleges affiliated to such professional bodies and operate under strict supervision, guidance and control of the concerned Professional Regulatory Bodies thus fostering a healthy competition among the various affiliated colleges/Institutions competing for excellence in quality, higher pass percentage and brand name.
b. The most important factor being, the Academic Campus environment which provides intensive coaching, personalized attention, well stocked Library, Computer Centers’, Research facilities, scope of interaction with faculty, co-curricular activities and most significantly scope for nurturing of healthy fellowship and mutuality of interest among students, which is not available in the ‘Distance Education’ format vogue with ICAI.
6.1 That The so called ‘Distance Education’ foisted on students of CPT, IPCC and Final Courses is a fraud on students for two main reasons viz.:
a. Whereas ICAI had made the practical training for three and a half years as article training mandatory against the minimum period of three years as stipulated under para 11 of IES, it had failed to secure statutory mandate and organise uniform and proportionate mandatory period of Professional Education at least for about 30 % of the total mandatory period of three and a half years of Practical Training .
b. By allowing “Optional Coaching” either through its Regional Councils and selective Branches and non-functional accredited Institutions all of which would cover not more than 30% of the students, ICAI is deliberately abetting the high -cost private academies to fill in the gap in providing theoretical education thus transgressing the fundamental rights of ‘legitimate expectations of students’ more so the poor and disadvantaged students for receiving uniform, efficacious education due to the vested interest of the Council of ICAI for perpetuation of the commercial oriented private academies thus violating the Principle of Equality before law enshrined under Article 14 of the Constitution.
PLEASE ENTER YOUR COMMENTS, VIEWS AND RECOMMENDATIONS BELOW ALONG WITH YOUR FULL CONTACT DETAILS: –
YOUR NAME: –
YOUR DESIGNATION And MEMBERSHIP No., IF ANY: –
FULL ADDRESS: –
CONTACT DETAILS: –
Mr. Chirag Shashikarnt Sawant,
(A Student of CA Final of the ICAI)
Mobile No.: – +91-9898345389
Email: – email@example.com
Groups: – firstname.lastname@example.org
And Friends From,
Maharashtra, Rajasthan, West Bengal, Uttar Pradesh (U.P.), Madhya Pradesh (M.P.), Assam and Other States of INDIA
Appeal to Readers: Please do not hesitate to contact him. Join him or help him to make this Campaign a success, this will reshape the image of our country as we all know that FINANCE is the most important sector of our Nation and we need to nurture it and not waste it.