Press Information Bureau

Government of India

Ministry of Corporate Affairs

05-March-2012 17:31 IST

Registration of companies or LLPS which have one of their objects is to carry on the profession of chartered accountant, cost accountant, architect, company secretary etc.

The Ministry of Corporate Affairs has clarified that at the time of incorporation of companies where one of the objects is to carry on the business of Banking, Insurance or to practice the profession of Chartered Accountancy, Cost Accountancy & Company Secretaries, then the concerned Registrar of Companies shall incorporate the same only on production of in-principle approval / NOC from the concerned regulator/professional Institutes.

Further, in this connection, it is also stated that where one of the objects is to carry on the business/profession of Architecture, then the concerned Registrar of Companies /Registrar of LLP shall incorporate the same only on production of in-principle approval / NOC from the concerned regulator.

The above has been notified by the Ministry of Corporate Affairs in its Circular issued on March 1st,2012.

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Regulator approval requirement: companies or LLPs proposing professional practice objects must obtain regulator in-principle approval before incorporation. Entities (companies or LLPs) that list as an object the practice of regulated professions or activities may be incorporated only upon production of an in-principle approval / NOC from the relevant statutory regulator or professional institute; the Registrar of Companies/Registrar of LLP must verify such approval before completing incorporation.