24 Nov 2017
High Court of Delhi directs ICAI to suspend CA found manipulating public issue of company
Council of The Institute of Chartered Accountant of India, v. Ashok Kumar
Respondent was a member of ICAI. Investigations were conducted by SEBI into buying, selling and dealing in share of company BFSL, as also role of respondent-CA. SEBI found several irregularities in public issue of BFSL. SEBI debarred respondent-CA for 5 years after holding him guilty. SEBI intimated ICAI to proceed against him. Disciplinary Committee of ICAI held him guilty and ICAI Council directed his removal from Register of Members of ICAI for a period of one year. Reference was accepted by High Court and it was directed that respondent-CA shall be suspended from membership of ICAI for a period of one year
• CAs are not merely professionals engaged by their clients, but are protectors and guardians of financial markets on which a nation depends. Therefore, CAs ought to maintain highest level of ethics and integrity, not only in interest of their clients but also to ensure that probity and sanctity are not compromised in any manner.