(a) whether the SEBI has requested Institute of Chartered
Accountants of India (ICAI) to formulate special new
accounting norms for stock exchanges, mutual funds,
private funds and other financial institutes;
(b) if so, the details thereof; and
(c) the time by which the new accounting norms are likely
to be introduced?
MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI GINGEE N. RAMACHANDRAN)
(a) to (c): The Securities and Exchange Board of
India (SEBI) has intimated that SEBI has
been interacting with the Institute of
Chartered Accountants of India (ICAI) on a
continuous basis for initiating the standard setting
process in the areas where ICAI has not
issued accounting standards. SEBI has set up
a Accounting Standards Committee which examines various
issues relating to accounting standards and financial reporting
and gives recommendations to SEBI. ICAI is
also represented in the Committee and the Committee
has been providing inputs to ICAI for evolving new
standards and upgrading the existing ones wherever
required. However, SEBI has not made any formal
request to ICAI to formulate special new accounting norms
for stock exchanges, mutual funds, private funds
and other financial institutes.