Mutual Fund

What is a Mutual Fund?

A Mutual fund is a common pool of money into which investors place their contributions that are to be invested in accordance with a stated objective.

Investments in securities are spread across a wide cross-section of industries and sectors and thus the risk is reduced. Diversification reduces the risk because all stocks may not move in the same direction in the same proportion at the same time. Mutual fund issues units to the investors in accordance with quantum of money invested by them. Investors of mutual funds are known as unit holders.

The profits or losses are shared by the investors in proportion to their investments. The mutual funds normally come out with a number of schemes with different investment objectives which are launched from time to time. A mutual fund is required to be registered with Securities and Exchange Board of India (SEBI) which regulates securities markets before it can collect funds from the public.

What is the history of Mutual Funds in India and role of SEBI in mutual funds industry?

Unit Trust of India was the first mutual fund set up in India in the year 1963. In early 1990s, Government allowed public sector banks and institutions to set up mutual funds.

In the year 1992, Securities and exchange Board of India (SEBI) Act was passed. The objectives of SEBI are – to protect the interest of investors in securities and to promote the development of and to regulate the securities market.

As far as mutual funds are concerned, SEBI formulates policies and regulates the mutual funds to protect the interest of the investors. SEBI notified regulations for the mutual funds in 1993. Thereafter, mutual funds sponsored by private sector entities were allowed to enter the capital market. The regulations were fully revised in 1996 and have been amended thereafter from time to time. SEBI has also issued guidelines to the mutual funds from time to time to protect the interests of investors.

All mutual funds whether promoted by public sector or private sector entities including those promoted by foreign entities are governed by the same set of Regulations. There is no distinction in regulatory requirements for these mutual funds and all are subject to monitoring and inspections by SEBI. The risks associated with the schemes launched by the mutual funds sponsored by these entities are of similar type.

How is a mutual fund set up?

A mutual fund is set up in the form of a trust, which has sponsor, trustees, asset management company (AMC) and custodian. The trust is established by a sponsor or more than one sponsor who is like promoter of a company. The trustees of the mutual fund hold its property for the benefit of the unit holders. Asset Management Company (AMC) approved by SEBI manages the funds by making investments in various types of securities. Custodian, who is registered with SEBI, holds the securities of various schemes of the fund in its custody. The trustees are vested with the general power of superintendence and direction over AMC. They monitor the performance and compliance of SEBI Regulations by the mutual fund.

What is Net Asset Value (NAV) of a scheme?

The performance of a particular scheme of a mutual fund is denoted by Net Asset Value (NAV).

Mutual funds invest the money collected from the investors in securities markets. In simple words, Net Asset Value is the market value of the securities held by the scheme. Since market value of securities changes every day, NAV of a scheme also varies on day to day basis. The NAV per unit is the market value of securities of a scheme divided by the total number of units of the scheme on any particular date. For example, if the market value of securities of a mutual fund scheme is Rs 200 lakhs and the mutual fund has issued 10 lakhs units of Rs. 10 each to the investors, then the NAV per unit of the fund is Rs.20. NAV is required to be disclosed by the mutual funds on a regular basis - daily or weekly - depending on the type of scheme.

What are the different types of mutual fund schemes?

Schemes according to Maturity Period:

A mutual fund scheme can be classified into open-ended scheme or close-ended scheme depending on its maturity period.

Open-ended Fund/ Scheme

An open-ended fund or scheme is one that is available for subscription and repurchase on a continuous basis. These schemes do not have a fixed maturity period. Investors can conveniently buy and sell units at Net Asset Value (NAV) related prices which are declared on a daily basis. The key feature of open-end schemes is liquidity.

Close-ended Fund/ Scheme

A close-ended fund or scheme has a stipulated maturity period e.g. 5-7 years. The fund is open for subscription only during a specified period at the time of launch of the scheme. Investors can invest in the scheme at the time of the initial public issue and thereafter they can buy or sell the units of the scheme on the stock exchanges where the units are listed. In order to provide an exit route to the investors, some close-ended funds give an option of selling back the units to the mutual fund through periodic repurchase at NAV related prices. SEBI Regulations stipulate that at least one of the two exit routes is provided to the investor i.e. either repurchase facility or through listing on stock exchanges. These mutual funds schemes disclose NAV generally on weekly basis.

What are Tax Saving Schemes?

These schemes offer tax rebates to the investors under specific provisions of the Income Tax Act, 1961 as the Government offers tax incentives for investment in specified avenues. e.g. Equity Linked Savings Schemes (ELSS). Pension schemes launched by the mutual funds also offer tax benefits. These schemes are growth oriented and invest pre-dominantly in equities. Their growth opportunities and risks associated are like any equity-oriented scheme.

What is a Load or no-load Fund?

A Load Fund is one that charges a percentage of NAV for entry or exit. That is, each time one buys or sells units in the fund, a charge will be payable. This charge is used by the mutual fund for marketing and distribution expenses. Suppose the NAV per unit is Rs.10. If the entry as well as exit load charged is 1%, then the investors who buy would be required to pay Rs.10.10 and those who offer their units for repurchase to the mutual fund will get only Rs.9.90 per unit. The investors should take the loads into consideration while making investment as these affect their yields/returns.

A no-load fund is one that does not charge for entry or exit. It means the investors can enter the fund/scheme at NAV and no additional charges are payable on purchase or sale of units.

How to invest in a scheme of a mutual fund?

Mutual funds normally come out with an advertisement in newspapers publishing the date of launch of the new schemes. Investors can also contact the agents and distributors of mutual funds who are spread all over the country for necessary information and application forms. Forms can be deposited with mutual funds through the agents and distributors who provide such services. Now a days, the post offices and banks also distribute the units of mutual funds. However, the investors may please note that the mutual funds schemes being marketed by banks and post offices should not be taken as their own schemes and no assurance of returns is given by them. The only role of banks and post offices is to help in distribution of mutual funds schemes to the investors.

Investors should not be carried away by commission/gifts given by agents/distributors for investing in a particular scheme. On the other hand they must consider the track record of the mutual fund and should take objective decisions.  

When will the investor get certificate or statement of account after investing in a mutual fund?

Mutual funds are required to despatch certificates or statements of accounts within six weeks from the date of closure of the initial subscription of the scheme. In case of close-ended schemes, the investors would get either a demat account statement or unit certificates as these are traded in the stock exchanges. In case of open-ended schemes, a statement of account is issued by the mutual fund within 30 days from the date of closure of initial public offer of the scheme. The procedure of repurchase is mentioned in the offer document.

As a unitholder, how much time will it take to receive dividends/repurchase proceeds?

A mutual fund is required to despatch to the unitholders the dividend warrants within 30 days of the declaration of the dividend and the redemption or repurchase proceeds within 10 working days from the date of redemption or repurchase request made by the unitholder.

In case of failures to despatch the redemption/repurchase proceeds within the stipulated time period, Asset Management Company is liable to pay interest as specified by SEBI from time to time (15% at present).

How to know the performance of a mutual fund scheme?

The performance of a scheme is reflected in its net asset value (NAV) which is disclosed on daily basis in case of open-ended schemes and on weekly basis in case of close-ended schemes. The NAVs of mutual funds are required to be published in newspapers. The NAVs are also available on the web sites of mutual funds. All mutual funds are also required to put their NAVs on the web site of Association of Mutual Funds in India (AMFI) www.amfiindia.com and thus the investors can access NAVs of all mutual funds at one place

The mutual funds are also required to publish their performance in the form of half-yearly results which also include their returns/yields over a period of time i.e. last six months, 1 year, 3 years, 5 years and since inception of schemes. Investors can also look into other details like percentage of expenses of total assets as these have an affect on the yield and other useful information in the same half-yearly format.

The mutual funds are also required to send annual report or abridged annual report to the unitholders at the end of the year.

On the basis of performance of the mutual funds, the investors should decide when to enter or exit from a mutual fund scheme.

Is there any difference between investing in a mutual fund and in an initial public offering (IPO) of a company?

Yes, there is a difference. IPOs of companies may open at lower or higher price than the issue price depending on market sentiment and perception of investors. However, in the case of mutual funds, the par value of the units may not rise or fall immediately after allotment. A mutual fund scheme takes some time to make investment in securities. NAV of the scheme depends on the value of securities in which the funds have been deployed.

If schemes in the same category of different mutual funds are available, should one choose a scheme with lower NAV?

Some of the investors have the tendency to prefer a scheme that is available at lower NAV compared to the one available at higher NAV. Sometimes, they prefer a new scheme which is issuing units at Rs. 10 whereas the existing schemes in the same category are available at much higher NAVs. Investors may please note that in case of mutual funds schemes, lower or higher NAVs of similar type schemes of different mutual funds have no relevance. On the other hand, investors should choose a scheme based on its merit considering performance track record of the mutual fund, service standards, professional management, etc. This is explained in an example given below.

Suppose scheme A is available at a NAV of Rs.15 and another scheme B at Rs.90. Both schemes are diversified equity oriented schemes. Investor has put Rs. 9,000 in each of the two schemes. He would get 600 units (9000/15) in scheme A and 100 units (9000/90) in scheme B. Assuming that the markets go up by 10 per cent and both the schemes perform equally good and it is reflected in their NAVs. NAV of scheme A would go up to Rs. 16.50 and that of scheme B to Rs. 99. Thus, the market value of investments would be Rs. 9,900 (600* 16.50) in scheme A and it would be the same amount of Rs. 9900 in scheme B (100*99). The investor would get the same return of 10% on his investment in each of the schemes. Thus, lower or higher NAV of the schemes and allotment of higher or lower number of units within the amount an investor is willing to invest, should not be the factors for making investment decision. Likewise, if a new equity oriented scheme is being offered at Rs.10 and an existing scheme is available for Rs. 90, should not be a factor for decision making by the investor. Similar is the case with income or debt-oriented schemes.

On the other hand, it is likely that the better managed scheme with higher NAV may give higher returns compared to a scheme which is available at lower NAV but is not managed efficiently. Similar is the case of fall in NAVs. Efficiently managed scheme at higher NAV may not fall as much as inefficiently managed scheme with lower NAV. Therefore, the investor should give more weightage to the professional management of a scheme instead of lower NAV of any scheme. He may get much higher number of units at lower NAV, but the scheme may not give higher returns if it is not managed efficiently.

If mutual fund scheme is wound up, what happens to money invested?

In case of winding up of a scheme, the mutual funds pay a sum based on prevailing NAV after adjustment of expenses. Unitholders are entitled to receive a report on winding up from the mutual funds which gives all necessary details.
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PAN Card No. mandatory for purchasing Jewellery worth 5 Lakhs or more

To keep a curb on Black Money and Investments through Black Money, the Govt has w.e.f. 1^st July 2011 made it mandatory to furnish PAN Card No. for all transactions involving purchase of Jewellery over Rs. 5 Lakh.

The Amendment to section 114B of the Income Tax Act, 1962 brought in vide Notification No. 27/2011 [F. NO. 149/122/2010-SO(TPL)], dated 26-5-2011 has been introduced as a high proportion of the Black Money on which Tax has not been paid is found to have been invested in Jewellery and Real Estate.

The Income Tax Department has already sent a communication to all jewellery dealers, bullion traders, nationalised and private banks which are distributing debit cards.

CBDT has now incorporated new transactions under Rule114Bof the Income Tax Act which will require PAN for these transactions. The rule also stated that the PAN number is necessary for use of debit card, insurance payments exceeding Rs 50,000 a year, buying jewellery or bullion exceeding Rs 5 lakh.

The transactions that already require PAN are: -

1. Sale or Purchase of any Immovable Property valued at Rs.5 lakh or more
2. Sale or purchase of a motor vehicle
3. Any Time Deposit (E.g. – Fixed Deposit), exceeding Rs 50,000
4. Contract of a value exceeding Rs. 10 Lakh for sale or purchase of securities
5. Making an Application for Installation of a Telephone Connection
6. Any one time Payment to Hotels and Restaurants against their bills for an amount exceeding Rs. 25,0000

Provided that a person shall quote General Index Register Number in the documents pertaining to transactions specified above till such time the permanent account number is allotted to him.

Provided further that where a person, making an application for opening an account referred above is a minor and who does not have any income chargeable to income-tax, he shall quote the permanent account number or General Index Register Number of his father or mother or guardian, as the case may be, in the document pertaining to the transactions referred above

Provided also that any person, who has not been allotted a permanent account number or who does not have a General Index Register Number and who makes payment in cash or otherwise than by a crossed cheque drawn on a [bank or through credit card issued by any bank] in respect of any transaction specified above, shall make a declaration in Form No. 60 giving therein the particulars of such transaction.

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For electronically filing of IT return of Firms and Individuals/HUFs covered under section 44AB Digital Signatures required.

The firms, Individuals or HUFs who are carrying any Business (Turnover or receipts exceeds Rs.60 lacs) or profession (Gross receipts exceeds Rs.15 Lacs) and their accounts are required to be audited (will have to mandatorily take the digital signatures and file theirIncome Tax returns using them.Rule 12 of Income Tax Rule has been amended by CBDT vide notification no 37/2011 [F. NO. 149/68/2011-SO (TPL)], DATED 1-7-2011 by which a partnership firm or an Individual or HUF which carries on business and on which tax audit u/s 44AB is applicable , shall have to mandatorily file income tax return for Asst Year 2011-12 online only. Till now , it was their option to file either electronically or manually. The said notification is as under

NOTIFICATION NO. 37/2011 [F. NO. 149/68/2011-SO (TPL)], DATED 1-7-2011

In exercise of the powers conferred by section 295, read with section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely :—

1. (1) These rules may be called the Income-tax (Sixth Amendment) Rules, 2011.

(2) They shall come into force from the date of its publication in the Official Gazette.

2. In the Income-tax Rules, 1962 in rule 12, in sub-rule (3), in the proviso, for clauses (a) and (aa) the following clause shall be substituted, namely :—

“(a)  a firm required to furnish the return in Form ITR-5 or an individual or Hindu Undivided Family (HUF) required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable, shall furnish the return for assessment year 2011-12 and subsequent assessment years in the manner specified in clause (ii);”

For ready reference, relevant portion Rule 12(3) upto 30/07/2011 is as under :

(3) The return of income  referred to in sub-rule (1) may be furnished in any of the following manners, namely:—

(i) furnishing the return in a paper form;

(ii) furnishing the return electronically under digital signature;

(iii) transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V;

(iv) furnishing a bar-coded return in a paper form:

Provided that—

(a) a firm required to furnish the return in Form ITR-5 and to whom provisions of section 44AB are applicable shall furnish the return in the manner specified in clause (ii) or clause (iii);

(aa) an individual or HUF required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable shall furnish the return for assessment year 2010-11 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);

(ab) ……..

(b) ………..

By this notifcation, option no (iii) has been withdrawn.

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Can Non Resident Prevent TDS on Income?

Yes !Section 195 of the I T Act  payment of“any sum” to a non resident which is taxable under I T Act has to be done only after  deduction of tax at source from such sums. However, sub-section 3 of section 195 has provided that tax may not be deducted on payment of such sums provided A.O grants a certificate for non deduction of tax on fulfillment of certain condition given in Rule 29B of I T Rule. Thus , there is a clear provison under which a non resident , if fulfills conditions given there in , can get tax relief. However, it should be noted that  this facility is restricted to Non Resident persons involved in business or profession in India through a branch .

What are the conditions for grant of Non Deduction Certificate?
However , certain conditions has to be fulfilled as per Rule 29B(2) for grant of such exemption certificate. The said conditions given in Rule 29B(2) are(i) The sums received is any sum other thaninterest or dividend in case of non resident other than a banking company

(ii) the person concerned has been regularly assessed to income-tax in India and
(iii) He has furnished the returns of income for all assessment years for which such returns became due on or before the date on which the application under sub-rule (1) is made;
(iv) he is not in default or deemed to be in default in respect of any tax (including advance tax and tax payable under section 140A), interest, penalty, fine, or any other sum payable under the Act;
(v) he has not been subjected to penalty under clause (iii) of sub-section (1) of section 271;
(vi) He has been carrying on business or profession in India continuously for a period of not less than five years immediately preceding the date of the application, and
(vii) the value of the fixed assets in India of such business or profession as shown in his books for the previous year which ended immediately before the date of the application or, where the accounts in respect of such previous year have not been made up before the said date, the previous year immediately preceding that year, exceeds fifty lakhs of rupees.

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Ditect Tax Code

•Direct Tax Code will replace Income tax Act, 1961 and Wealth tax Act (Covering Income Tax, TDS, DDT, FBT and Wealth tax).  Shall come into force on the 1st day of April, 2012. The code consists of 285 sections 

General Provisions:

To eliminate confusion, only ‘Financial Year’ will prevail. •

Date of filing of tax return has been advanced to 30th June for non-business non-corporate assessee and 31st Aug for others...•

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Tips For CA Final Examination

Here are few tips which will be helpful for students appearing in C.A Final Examination.

1. Don't ignore the Study Material because now a days ICAI are asking most of the Questions from Study Material and Practice Manual, for subjects like Accounts, SFM Costing and ISCA Study Material is must.

2. Don't even think of doing the selected study. You won’t be able to pass the exam on the basis of selected study.

3. Do those chapters properly that you think is least important. You will get 25 to 30 marks papers from those Chapters only.

4. Make your notes properly it will help you to revise whole syllabus on exam day. Your theory notes yourself well in advance including the answers of frequently asked questions. This process helps you to understand the concept and save your time to search theory part here & there at the exam time. However if you got some really good notes you may use them also.

5. Don’t Mug up try to understand the concepts.

6. Think Positive because if you think positive then positive thoughts comes in to your mind and if you think negative then negative thoughts comes in to your mind.

7. Use of one pen: In classes and while studying or on audit make a habit to use one pen only and use that pen in exam hall. Because it is said that "practice makes a man perfect”. Use of this practice will save at-least 4-5 minutes i.e. time equal to write a short note.

8. Query Notebook: Keep a query diary with you during study time and note your queries in this diary and resolve them same day or next day. Do not keep your query unresolved. Don’t forget to mention answer of your query in the query diary.

9. Practice the questions given in the study material provided by ICAI especially because now a days exam questions are coming from institute study.

10. In practical paper also theory plays an important role. Generally students ignore theory part in practical paper don’t do this mistake do theory properly.

Good luck for preperation!!

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Career Counselling Presentation by ICAI

Those who want to pursue career in CA check this career counselling presentation. All the deatils of CA course has been given in this presentation from Inception to the End. To see the presentation click here

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Campus Placement for Fresher Members & Students of ICSI

                                                          

                   Campus Placement for Fresher Members & Students of ICSI

                   

The ICSI is organizing a Campus Placement for the fresher members for job and for students for 15 Months Training on Wednesday, the 30^th June 2011 at ICSI-SIRC House, No 9, Wheat Crofts Road, Nungambakkam,Chennai-600034.

                              

                              The following process will be followed:

1.      Name of the participating companies will be announced at the Campus.

2.      Students already undergoing 15 Months training are not eligible to participate in the Campus Placement.  

                                                                                     

3.       Résumés of candidates will be collected on the same day i.e. 30^th June  2011.

4.       The résumés of all the eligible candidates will be given to the company coming for participating in the event. The candidates attending the Campus Placement are expected to come in formal dress and bring sufficient number of copies of their CV & passport colour photograph.

5.       The companies will shortlist from the lot of résumés and interview the candidates as shortisted by them. Hence, a candidate will get opportunity for interview only if his/her resume is shortlisted by a company.

6.       In view of the overwhelming response and to provide the opportunity to all  the participants the résumés of the candidates once appeared for the interview may not be forwarded to the other companies. 

7.        The members and students are requested to invariably mention their Membership No and Registration No respectively in their resume

8.       The candidates are requested to  be present the 30^th June 2011 at ICSI-SIRC House, No 9 ,Wheat Crofts Road, Nungambakkam,Chennai-600034.

at 10.00 A.M.

9.     In order to provide the orientation to the members for facing the interviews, it has been decided to organize a orientation program on 29^th  June, 2011 at 5.30 PM at ICSI-SIRC House, No 9 ,Wheat Crofts Road, Nungambakkam,Chennai-600034.

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Salaried Taxpayers with total Income up to Rs. 5 lakh Exempted from filing Income Tax Return for Assessment Year 2011-12

The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs. 5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011. 

Individuals having total income up to Rs. 5,00,000 for FY 2010-11, after allowable deductions, consisting of salary from a single employer and interest income from deposits in a saving bank account up to Rs. 10,000 are not required to file their income tax return. Such individuals must report their Permanent Account Number (PAN) and the entire income from bank interest to their employer, pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in Form No.16. 

Persons receiving salary from more than one employer, having income from sources other than salary and interest income from a savings bank account, or having refund claims shall not be covered under the scheme. 

The scheme shall also not be applicable in cases wherein notices are issued for filing the income tax return under section 142(1) or section 148 or section 153A or section 153C of the Income Tax Act 1961.

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Exclusion of Certain Topics in the CA Final Examination to be held in November, 2011 and Thereafter

IMPORTANT ANNOUNCEMENT

BoS/Announcement/227/11

June 23, 2011

Sub: Exclusion of certain topics in the CA Final Examination to be held in November,

2011 and thereafter

-------

On a review of the syllabus for the Final Course, the Council has decided to exclude the

following topics from the Final Examination to be held in November, 2011 and thereafter:-

Paper 1 Financial Reporting

- Inflation Accounting

Paper 5 Advanced Management Accounting

- Time Series Analysis; and

- Test of Hypothesis.

Students are advised to note the change.

Director, Board of Studies

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Period of Validation of Registration in Chartered Accountancy Course

Important Announcement for Chartered Accountancy Course Students
BoS/Announcement/227/11 June 23, 2011
Sub: Period of Validation of Registration in Chartered Accountancy Course
-------------
In order to streamline the period of validity of registration for Common Proficiency
Course (CPC), Professional Competence Course (PCC)/ Integrated Professional Competence
Course (IPCC) and Final levels of Chartered Accountancy Course, the Council at its 303rd
Meeting held on February 10-12, 2011decided as under:


CPT students:
 Initial registration for Common Proficiency Course (CPC) is valid for 3 years.
 Revalidation of registration shall be done for further period of 3 years before
expiry of initial registration. Students who have got their registration revalidated
with the concerned Decentralised Offices may have the registration revalidated
every 3 years after the expiry of the earlier revalidated period.
 Fee for revalidation is Rs. 300/- for each revalidation.
 Students are required to ensure before applying for admission to CPT examination
that they have valid registration.
 CPT students who have registered on or before 30th November, 2008 are required
to revalidate their registration before applying for December, 2011 CPT examination.


PCC/IPCC students:
 Initial registration for Professional Competence Course (PCC)/ Integrated
Professional Competence Course (IPCC) is valid for 4 years.
 Revalidation of registration shall be done for further period of 4 years before
expiry of initial registration. Students who have got their registration revalidated
with the concerned Decentralised Offices may have the registration revalidated
every 4 years after the expiry of the earlier revalidated period.
 Fee for revalidation is Rs. 400/- for each revalidation.
 Students are required to ensure before applying for admission to PCC/ IPCC
examination that they valid registration.
 PCC students who have registered on or before 31st October, 2007 are required to
revalidate their registration before applying for November, 2011 PCC examination. Students who have registered in Intermediate or Professional Education (Course-II)
are required to switchover to Integrated Professional Competence Course (IPCC) in
order to continue their studies in chartered accountancy course.


Final students:
 Initial registration for Final Course is valid for 5 years.
 Revalidation of registration shall be done for further period of 5 years before
expiry of initial registration. Students who have got their registration revalidated
with the concerned Decentralised Offices may have the registration revalidated
every 5 years after the expiry of the earlier revalidated period.
 Fee for revalidation is Rs. 500/- for every revalidation.
 Students are required to ensure before applying for admission to Final examination
that they have valid registration.
 Final students who have registered on or before 31st October, 2006 are required to
revalidate their registration before applying for November, 2011 Final examination.


It may be noted that if a student appears in the CPT or PCC/IPCC or Final
examination without having valid registration, he shall have to pay a penal fee of
Rs. 250/- (in addition to the prescribed revalidation fee with retrospective effect)
within 30 days prior to the date of declaration of results.


Candidates, whose period of initial registration has expired, may apply for
revalidation by making an application on plain paper, together with the prescribed
fee by way of Demand Draft drawn in favour of “The Secretary, The Institute of
Chartered Accountants of India, payable at Mumbai/ Chennai/ Kolkata/ Kanpur/
Delhi” as the case may be and forward the same to the Decentralised Office
concerned at Mumbai, Chennai, Kolkata, Kanpur and Delhi.


The above decision of the Council shall be applicable from November/
December, 2011 examination onwards.
Director, Board of Studies
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