Chartered Accountant is now eligible to be appointed as “Arbitrator”

Chartered Accountant is now eligible to be appointed as “Arbitrator”

On representation of ICAI to Law Ministry, “Chartered Accountant” have been made eligible to be appointed as “Arbitrator” vide The Arbitration and Conciliation Amendment Act 2019.

THE ARBITRATION AND CONCILIATION (AMENDMENT) ACT, 2019

An Act further to amend the Arbitration and Conciliation Act, 1996

BE it enacted by Parliament in the Seventieth Year of the Republic of India as follows :—

1. (1) This Act may be called the Arbitration and Conciliation (Amendment) Act, 2019.

(2) Save as otherwise provided in this Act, it shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.

2. In the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the principal Act), in section 2,—

(i) in sub-section (1),––

(A) after clause (c), the following clause shall be inserted, namely:––

‘(ca) “arbitral institution’’ means an arbitral institution designated by the Supreme Court or a High Court under this Act;’;

(B) after clause (h), the following clauses shall be inserted, namely:––

‘(i) “prescribed” means prescribed by rules made under this Act;

(j) “regulations” means the regulations made by the Council under this Act.’;

(ii) in sub-section (2), in the proviso, for the word, brackets and letter “clause (a)”, the word, brackets and letter “clause (b)” shall be substituted.

After the Seventh Schedule to the principal Act, the following Schedule shall be inserted, namely : ––

‘‘THE EIGHTH SCHEDULE
(See section 43J)
Qualifications and Experience of Arbitrator

A person shall not be qualified to be an arbitrator unless he—

(i) is an advocate within the meaning of the Advocates Act, 1961 having ten years of practice experience as an advocate; or

(ii) is a chartered accountant within the meaning of the Chartered Accountants Act, 1949 having ten years of practice experience as a chartered accountant; or

(iii) is a cost accountant within the meaning of the Cost and Works Accountants Act, 1959 having ten years of practice experience as a cost accountant; or

(iv) is a company secretary within the meaning of the Company Secretaries Act, 1980 having ten years of practice experience as a company secretary; or

(v) has been an officer of the Indian Legal Service; or

(vi) has been an officer with law degree having ten years of experience in the legal matters in the Government, Autonomous Body, Public Sector Undertaking or at a senior level managerial position in private sector; or

(vii) has been an officer with engineering degree having ten years of experience as an engineer in the Government, Autonomous Body, Public Sector Undertaking or at a senior level managerial position in private sector or self-employed; or

(viii) has been an officer having senior level experience of administration in the Central Government or State Government or having experience of senior level management of a Public Sector Undertaking or a Government company or a private company of repute;

(ix) is a person, in any other case, having educational qualification at degree level with ten years of experience in scientific or technical stream in the fields of telecom, information technology, Intellectual Property Rights or other specialised areas in the Government, Autonomous Body, Public Sector Undertaking or a senior level managerial position in a private sector, as the case may be.

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