The Institute of Company Secretaries of India (ICSI) and the Institute of Cost Accountants of India (ICAI) approved the Reciprocal Exemption Scheme to grant qualification based subject exemption under syllabus 2022.
The institutes signed an agreement on 24 April. Earlier this year, the ICSI announced that the students enrolled under the old syllabus in 2017 can switch over to CS Executive new syllabus 2022 comprising seven papers. The examination based on the new syllabus will be held in December, it said.
Candidates must note that those applying for the subject exemption will have to pay Rs 1,000 for each subject.
Exemption for ICSI passed students
Foundation Course: Complete exemption
Intermediate Course: Group 1 - P7 - Direct and Indirect Taxation (DITX)Group 2 - P10 - Corporate Accounting and Auditing (CAA)
Final Course: Group 3 - P13 - Corporate and Economic Law (CEL)Group 4 - P19 - Indirect Tax Laws and Practice (ITLP)Group 5 - Elective paper - P20B- Risk Management in Banking and Insurance
Exemption for ICMAI passed students
Foundation Course: Complete exemption
Executive Course: Group 1 - P4 - Corporate Accounting and Financial ManagementGroup 2 - P7 Tax Laws and Practice
Professional Course: Group 2 - P5 - Strategic Management and Corporate Finance Group 1 elective paper P4.2 - Internal and Forensic AuditGroup 2 elective paper P7.2 - Goods and Services Tax and Corporate Tax PlanningElective paper P7.4 - Banking and Insurance - Law and Practice (eligible for one exemption out of Paper 7.2 and 7.4)