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An accountant is a practitioner of accounting or accountancy. Accountants who have demonstrated competency through their professional associations' certification exams are certified to use titles such as Chartered Accountant, Chartered Certified Accountant or Certified Public Accountant, or Registered Public Accountant. Such professionals are granted certain responsibilities by statute, such as the ability to certify an organization's financial statements, and may be held liable for professional misconduct. Non-qualified accountants may be employed by a qualified accountant, or may work independently without statutory privileges and obligations.
The Reserve Bank of India is India's central bank and regulatory body responsible for regulation of the Indian banking system. Owned by the Ministry of Finance of the Government of the Republic of India, it is responsible for the control, issue and maintaining supply of the Indian rupee. It also manages the country's main payment systems and works to promote its economic development.
The Securities and Exchange Board of India (SEBI) is the regulatory body for securities and commodity market in India under the administrative domain of Ministry of Finance within the Government of India. It was established on 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992.
BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange with highest number of companies which is located on Dalal Street. Established with the efforts of cotton merchant Premchand Roychand in 1875, it is the oldest stock exchange in Asia, and also the tenth oldest in the world. The BSE is the world's 6th largest stock exchange with a market capitalization exceeding US$5 trillion on May 21, 2024.
Chartered accountants were the first accountants to form a professional accounting body, initially established in Scotland in 1854. The Edinburgh Society of Accountants (1854), the Glasgow Institute of Accountants and Actuaries (1854) and the Aberdeen Society of Accountants (1867) were each granted a royal charter almost from their inception. The title is an internationally recognised professional designation; the certified public accountant designation is generally equivalent to it. Women were able to become chartered accountants only following the Sex Disqualification (Removal) Act 1919 after which, in 1920, Mary Harris Smith was recognised by the Institute of Chartered Accountants in England and Wales and became the first woman chartered accountant in the world.
The Madras Stock Exchange (MSE) was a stock exchange in Chennai, India. The now defunct MSE was the fourth stock exchange to be established in the country and the first in South India. It had a turnover (2001) of ₹ 3,090 crore, but was a fraction of the turnover generated by the Bombay Stock Exchange and National Stock Exchange of India. The turnover of the stock exchange was 19,907 Crore as of the financial year 2012.
The Institute of Chartered Accountants of India, abbreviated as ICAI, is India's largest professional accounting body under the administrative control of Ministry of Corporate Affairs, Government of India. It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament for promotion, development and regulation of the profession of Chartered Accountancy in India.
The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India "to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India". It was passed on 29 December 1999 in parliament, replacing the Foreign Exchange Regulation Act (FERA). This act makes offences related to foreign exchange civil offenses. It extends to the whole of India, replacing FERA, which had become incompatible with the pro-liberalization policies of the Government of India. It enabled a new foreign exchange management regime consistent with the emerging framework of the World Trade Organization (WTO). It also paved the way for the introduction of the Prevention of Money Laundering Act, 2002, which came into effect on 1 July 2005. Starting in 2004, the Act also includes provisions for the Liberalised Remittance Scheme (LRS), this provision allows for easier outward remittance of funds and is available to all resident individuals, including minors and students.
Calcutta Stock Exchange (CSE) is an Indian stock exchange based in Kolkata, India. It is owned by Ministry of Finance, Government of India. It is one of oldest stock exchanges in Asia and third largest bourse in India. It was founded in May 1908 at 2, China Bazar Street.
The Ahmedabad Stock Exchange (ASE) is the second oldest exchange of India located in the city of Ahmedabad in the Western part of the country and is fully owned by Government of India. It is recognised by Securities Contract (Regulations) Act, 1956 as permanent stock exchange. Its logo consists of the Swastika, which is one of the most auspicious symbols of Hinduism depicting wealth and prosperity.
Bhubaneswar Stock Exchange (BhSE) was a stock exchange located in Bhubaneswar, Odisha, India. It was incorporated on 17 April 1989, and granted recognition to the Stock Exchange on 5 June 1989, by the Ministry of Finance, Govt. of India. It is one among the 21-odd regional stock exchanges in India.
Bangladesh is a common law country having its legal system developed by the British rulers during their colonial rule over British India. The land now comprises Bangladesh was known as Bengal during the British and Mughal regime while by some other names earlier. Though there were religious and political equipments and institutions from almost prehistoric era, Mughals first tried to recognise and establish them through state mechanisms. The Charter of 1726, granted by King George I, authorised the East India Company to establish Mayor's Courts in Madras, Bombay and Calcutta and is recognised as the first codified law for the British India. As a part of the then British India, it was the first codified law for the then Bengal too. Since independence in 1971, statutory law enacted by the Parliament of Bangladesh has been the primary form of legislation. Judge-made law continues to be significant in areas such as constitutional law. Unlike in other common law countries, the Supreme Court of Bangladesh has the power to not only interpret laws made by the parliament, but to also declare them null and void and to enforce fundamental rights of the citizens. The Bangladesh Code includes a compilation of all laws since 1836. The vast majority of Bangladeshi laws are in English. But most laws adopted after 1987 are in Bengali. Family law is intertwined with religious law. Bangladesh has significant international law obligations.
Magadh Stock Exchange Association Ltd (MSEA) is located in Patna, India. It was established in the year 1986. It is one among the 25 odd regional stock exchanges in India. The exchange was disbanded on 3 September 2007 by Securities and Exchange Board of India (SEBI).
The OTC Exchange Of India (OTCEI), also known as the Over-the-Counter Exchange of India, was based in Mumbai, Maharashtra. It is under the ownership of Ministry of Finance, Government of India. It is India's first exchange for small companies, as well as the first screen-based nationwide stock exchange in India. OTCEI was set up to access high-technology enterprising promoters in raising finance for new product development in a cost-effective manner and to provide a transparent and efficient trading system to investors.
National Advisory Committee on Accounting Standards (NACAS) is a body set up under section 210A of the Companies Act, 1956 by the Government of India. It advises the Central Government on the formulation and laying down of accounting policy and accounting standards for adoption by companies . The advisory committee shall consist of the following members, namely: 1. A chairperson who shall be a person of eminence well versed in accountancy, finance, business administration, business law, economics or similar Discipline; 2. One member each nominated by The Institute of Chartered Accountants of India constituted under the Chartered Accountants Act, 1949, The Institute of Cost and Work Accountants Act, 1959 and The Institute of Company Secretaries of India constituted under the Company secretaries Act 1980. 3. One representative each of the Central government, Reserve Bank of India, Comptroller & Auditor General of India to be nominated by it. 4. A person who holds or has held the office of professor in Accountancy, Finance or Business Management in any University or deemed university; 5. The Chairman of the Central Board of Direct Tax (India) constituted under the Central Board of Revenue Act, 1963 (India) or his nominee; 6. Two members to represent the chambers of commerce and industry to be nominated by The Central Government of India; and 7. One representative of the Security and Exchange Board of India to be nominated by it.
The Indian Corporate Law Service (Hindi: भारतीय कॉरपोरेट विधि सेवा), abbreviated as ICLS, is one of the Central Civil Services and it functions under the Ministry of Corporate Affairs, Government of India. The service is entrusted with the responsibility of the implementation of Companies Act,1956(now repealed), Companies Act, 2013 and The Limited liability Partnership Act, 2008.
Securities Laws (Amendment) Act, 2014 is a legislation in India which provided the securities market regulator Securities and Exchange Board of India (SEBI) with new powers to effectively pursue fraudulent investment schemes, especially ponzi schemes. The bill also provides guidelines for the formation of special fast trial courts.
The Government Securities Act, 2006 is a legislation of the Parliament of India, which aims to introduce various improvements in the government securities market and the management of government securities by the Reserve Bank of India (RBI).
Financial regulation in India is governed by a number of regulatory bodies. Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system. This may be handled by either a government or non-government organization. Financial regulation has also influenced the structure of banking sectors by increasing the variety of financial products available. Financial regulation forms one of three legal categories which constitutes the content of financial law, the other two being market practices and case law.
References
- ↑ "ICAI Knowledge Bank" (PDF). kb.icai.org. Retrieved 7 January 2025.
- ↑ "SECURITIES CONTRACTS (REGULATION) ACT, 1956 [42 OF 1956]" (PDF). Sebi.gov.in. Retrieved 18 June 2017.
- ↑ "Securities Contracts (Regulation) Act, 1956". rna-cs.com. Retrieved 18 June 2017.
- ↑ "Central Government Act Section 2 in The Securities Contracts (Regulation) Act, 1956". Indiankanoon.org. Retrieved 18 June 2017.
- ↑ "High Court raps EoW sleuths for filing 'Dabba' trade FIR without authority". The Hitavada. 25 October 2016.
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