Lok Sabha on Wednesday cleared a bill to amend the laws governing chartered accountants, cost accountants and company secretaries providing for revamping the disciplinary committees of the respective professional institutes.

Once the amendments come into force, the presiding officer of the Institute of Chartered Accountants of India (ICAI) will be a non-Chartered Accountant (CA). Similarly, disciplinary committees of the institutes of cost accountants and company secretaries would also be presided over by individuals who are not cost accountants and company secretaries, respectively.

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Piloting the Chartered Accountants, Cost and Works Accountants and Company Secretaries (Amendment) Bill, Finance and Corporate Affairs Minister Nirmala Sitharaman said the amendments will not infringe upon the autonomy of the three institutes.

The changes will make the institutes more responsible and accountable and align them with global best practices. she said while replying to a discussion on the bill.

The bill was passed by a voice vote after various amendments moved by opposition members were rejected.

The Institute of Cost Accountants of India is the apex body for cost accountants while the Institute of Company Secretaries of India (ICSI) is the key body for company secretaries.

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Among other amendments, the government has proposed that the disciplinary committee of each of the three apex institutes should have three nominated members who are not a part of the particular institute concerned.

The bill also provide for setting up of a coordination committee of the three bodies headed the Union Corporate Affairs Secretary.