ICAI Offers Relaxation for Old Programme Students to Begin 3-Year Practical Training

The Institute of Chartered Accountants of India (ICAI) has announced that it will ease its requirements for old programmes students so they can begin their three-year practical training. Students who passed one of the groups of the intermediate exams under the previously registered system have been given a relaxation. Those who have converted from the intermediate (foundation and CPT route) to the intermediate (direct entry scheme) in order to sit the November session exam have been given a relaxation.

A post regarding the same was put out on the microblogging site X, which read, “Imp. Announcement-The ICAI Central Council has decided to provide relaxation to Old Course Students to commence 3 years of PT in order to remove hardship caused to the students on account of implementation of #NSET2023.”

Taking into consideration the challenges prompted to the students by the implementation of the New Scheme of Education and Training, including Conversion (Transition) Scheme, the council has offered the relaxation in the exercise of the powers granted under Regulation 205 of the Chartered Accountants Regulations, 1988.

As per the new rules, students who have passed either of the groups of intermediate examinations under the Old Scheme of Education and Training will be able to choose the three years of practical training by September 30. They can also provide the article registration form within 30 days.

Intermediate direct entry students who have registered in the intermediate programme under the old scheme will begin their three years of practical training no later than September 30, the ICAI said.

Further, students who initially registered for the intermediate or its equivalent programme through CPT and foundation route and showed up in the intermediate or its equivalent exam but were unable to pass are exempted from the eligibility criteria of completion of nine months of practical training for appearing in November 2023 intermediate examinations. This also applies to students who later switched to the direct entry scheme. However, students must begin their three years of practical training, ICAI highlighted.