Actuaries Procedure for Inquiry of Professional and Other Misconduct Amendment Rules, 2021

Actuaries Procedure for Inquiry of Professional and Other Misconduct Amendment Rules, 2021

 MINISTRY OF FINANCE

(Department of Financial Services) 

NOTIFICATION

New Delhi, the 18th June, 2021

G.S.R. 417(E).—In exercise of the powers conferred by clauses (c) and (d) of sub-section (2) of section 55 of the Actuaries Act, 2006 (35 of 2006), the Central Government hereby makes the following rules to amend the Actuaries (Procedure for Enquiry of Professional and Other Misconduct) Rules, 2008, namely:—

1. (1) These rules may be called the Actuaries (Procedure for Inquiry of Professional and Other Misconduct) Amendment Rules, 2021.

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

2. In the Actuaries (Procedure for Enquiry of Professional and Other Misconduct) Rules, 2008 (hereinafter referred to as the said rules), in rule 1, in sub-rule (1), for the word “Enquiry”, the word “Inquiry” shall be substituted.

3. In rule 2 of the said rules, in sub-rule (1),—

(i) for clause (f), the following clause shall be substituted, namely:—

• „(f) “Form” means the Form appended to these rules;‟;

(ii) for clause (j), the following clause shall be substituted, namely:—

• „(j) “professional address” means, in relation to a Member, the address entered in the register maintained by the Institute under the Act;‟;

(iii) in clause (l), for the words “Schedule annexed”, the words “the Schedule” shall be substituted;

(iv) after clause (l), the following clause shall be inserted, namely:—

• „(m) “video-conferencing” means audio-visual electronic communication facility which enables individuals who are required to or may participate in or attend any meeting or hearings under these rules to communicate concurrently with other participants or attendees, without any intermediary, and to participate effectively in such meeting or hearings, and which is capable of recognising such participation and attendance, recording the same along with date and time, and storing and retrieving such recording.‟.

4. In Chapter II of the said rules, in the heading, for the word “ENQUIRY”, the word “INQUIRY” shall be substituted.

5. In rule 3 of the said rules,—

• (i) in sub-rule (1), after the words “post or courier”, the words, “or made by way of electronic mail or online through the website of the Institute” shall be inserted;

• (ii) in sub-rule (2), for the words “sent by post or courier under”, the words “referred to” shall be substituted;

• (iii) in sub-rule (5), after the words “a company”, the words “such complaint” shall be inserted;

• (iv) in sub-rule (7), the words “upon receipt of complaint in person or by post under a certificate of posting as the case may be” shall be omitted.

6. In rule 4 of the said rules,—

• (i) in sub-rule (1), the words, brackets and figures, “through regulations(ICAI charge Rs. 100/-)” shall be omitted;

• (ii) in sub-rule (2), after the words, “bank in India”, the words, “or electronically” shall be inserted;

7. In rule 5 of the said rules,—

(i) in sub-rule (4), in clause (a), for the word “respondent”, the word “Defendant” shall be substituted;

(ii) for sub-rule (5), the following sub-rule shall be substituted, namely:— “(5) If, on scrutiny, a complaint is found to be defective, and—

• (a) the defect is formal in nature, the Director may allow the complainant to rectify the same in the presence of the Director;

• (b) the defect is of a nature other than that referred to in clause (a), the Director may allow the complainant such time not exceeding fifteen days as the Director may deem fit for rectifying the defect.”.

8. In rule 7 of the said rules,—

(i) in sub-rule (1), after the words “courier”, the words “or by way of electronic mail or online through the website of the Institute” shall be inserted;

(ii) in sub-rule (2), in clause (b), for the word “enquiry”, the word “inquiry”, shall be substituted.

9. In Chapter III of the said rules, in the heading, for the word “ENQUIRY”, the word “INQUIRY” shall be substituted.

10. In rule 9 of the said rules,—

(i) in sub-rule (1), for the words “under the as specified Schedule”, the words  “specified in the Schedule” shall be substituted;

(ii) for sub-rules (3), (4), (5), (6), (7) and (8), the following sub-rules shall be substituted, namely:—

• “(3) In case the Committee agrees with the prima facie opinion referred to in sub-rule (2), it may proceed in the manner specified in Chapter IV.

(4) In case the Committee disagrees with the prima facie opinion referred to in sub-rule (2), it shall either submit its report to the Council while recording the reasons for its disagreement or advise the Director to make further inquiry into the complaint, who shall, after making such further inquiry, place the matter before the Committee in the manner specified in sub- rule (2) or sub-rule (5).

(5) Where the Director is of the prima facie opinion that the member or the firm is not guilty of any conduct specified in the Schedule, he shall place his opinion along with the complaint and other additional particulars or documents and all other relevant papers before the Committee.

(6) In case the Committee agrees with the prima facie opinion referred to in sub-rule (5), it shall submit its report to the Council recording its agreement.

(7) In case the Committee disagrees with the prima facie opinion referred to in sub-rule (5), it shall either proceed in the manner specified in Chapter IV or advise the Director to make further inquiry into the complaint, who shall, after making such further inquiry, place the matter before the Committee in the manner specified in sub-rule (2) or sub-rule (5).”.

11. In rule 10 of the said rules, in sub-rule (1), for the words “or a messenger”, the words, “or courier or electronic mail” shall be substituted.

12. In rule 13 of the said rules, in sub-rule (3), for the word, “dully”, the word “duly” shall be substituted.

13. In rule 14 of the said rules,—

• (a) in sub-rule (2), for the words and figures “decide to proceed further under rule 2 or rule 9”, the words and figures “decides under rule 9 to proceed in the manner specified in Chapter IV” shall be substituted;

• (b) in sub-rule (4), for the words “the time”, the words “such time as may be specified under sub-rule (3)” shall be substituted;

• (c) in sub-rule (5), after the words “documents, if any”, the words “within such time as the Committee may specify” shall be inserted;

• (d) in sub-rule (6), for the words “in person to make oral submission, if any”, the words “to make oral submission, if any, in person, or in case the Committee so decides, through video-conferencing (while communicating the details regarding the video-conferencing facility)” shall be substituted;

• (e) in sub-rule (7), for the word “precede”, the word “proceed” shall be substituted;

• (f) in sub-rule (9), for the words “take submit the”, the words “submit its” shall be substituted;

• (g) in sub-rules (11) and (12), for the word “complaint”, the word “complainant” shall be substituted;

• (h) in sub-rule (19), for the word “respondent”, the word “complainant” shall be substituted.

14. In rule 15 of the said rules, in sub-rule (2), for the word “enquiry”, occurring at both places, the word “inquiry”, shall be substituted.

15. In the said rules, rule 18 shall be numbered as rule 19 and before rule 19 as so renumbered, the following rule shall be inserted, namely:—

“18. Participation or attendance in meeting or hearing.—The Committee may, on its own or on the request of the individual concerned, conduct or allow participation or attendance in a meeting or hearing through video-conference, after notifying such individual and such other individuals who are required or permitted by the Committee to participate in or attend the meeting or hearing, subject to guidelines approved by the Council in this regard and published on the website of the Institute:

Provided that any recording made of such participation or attendance by video-conference shall be retained for a period of ten years:

Provided further that if such video-conference is in respect of a complaint inquired into under these rules and such inquiry is or has been the subject matter of any court proceedings, the recording of the video-conference shall be retained till the expiry of a period of three years beyond the date of conclusion of such proceedings, or ten years, whichever is later.”.

 16. In rule 19 as so renumbered of the said rules, for the word “enquiry”, the word “inquiry” shall be substituted.

17. In the Form appended to the said rules,—

(i) the word “ANNEXURE” shall be omitted;

(ii) in serial number 3, after the words “Latest address”, the words “and email address”, shall be inserted;

(iii) in serial number 4, after the words “professional address”, the words “and email address” shall be inserted.

Note:  The  principal  rules  were  published  in  the  Gazette  of  India,  Extraordinary,  Part  II,  Section  3, Sub-section (i), vide number G.S.R. 495(E), dated the 2nd July, 2008.