Delhi, April 16: In a significant development, the Institute of Chartered Accountants of India (ICAI) has faced a setback in its dispute with the Institute of Chartered Tax Practitioners India (ICTPI) over the use of the term “Chartered.” The Ministry of Corporate Affairs (MCA) dismissed ICAI’s application challenging the use of the term by ICTPI, deeming it a generic word rather than a protected term exclusively associated with ICAI.

ICAI had argued that ICTPI’s use of the term “Chartered” in its name and its courses misled the public into believing that it was affiliated with or endorsed by ICAI, violating the Chartered Accountants Act, 1949, as reported by the Hindustan Herald. The MCA’s Regional Director, after a detailed review, concluded that the term “Chartered” is widely used in various contexts and does not necessarily signify a legal qualification tied to any specific statutory body. New Income Tax Bill 2025: ICAI Submits Suggestions to Parliament’s Select Committee, Seeks Lesser Number of Sections and Simplifying Language.

The director emphasised that ICTPI operates in the field of tax practitioners, while ICAI holds a monopoly in regulating chartered accountants. The director also noted that ICTPI had taken steps to clarify the distinction, including adding disclaimers on its website and course materials stating that it is not affiliated with ICAI. CA Exams Update: Chartered Accountant Final Exams To Be Conducted Thrice a Year From 2025, Says ICAI.

The ruling has far-reaching implications for professional naming conventions in India, clarifying that generic terms like "Chartered" cannot be monopolised by a single institution. ICAI, while respecting the MCA's decision, is reportedly exploring further legal options, indicating that the dispute over professional designations and public perception is far from over.

(The above story first appeared on LatestLY on Apr 16, 2025 01:21 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).