Section 25:
Penalty for using name of the Council, awarding degrees of cost accountancy, etc.
(1) Save
as otherwise provided in this Act, no person shall,--
(i) use a name or a common seal which is identical with the name or the common seal of the
Institute or so nearly resembles it as to deceive or as is likely to deceive the public;
(ii) award any degree, diploma or certificate or bestow any designation which indicates or
purports to indicate the position or attainment of any qualification or competence in cost accountancy
similar to that of a member of the Institute; or
(iii) seek to regulate in any manner whatsoever the profession of 1[cost accountants].
(2) Any person contravening the provisions of sub-section (1) shall, without prejudice to any other
proceedings which may be taken against him, 2[be punishable with imprisonment which may extend to six
months or with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees
or with both on first conviction], and on any subsequent conviction with imprisonment which may extend
to 3[one year, or with fine which shall not be less than two lakh rupees but which may extend to ten lakh
rupees], or with both.
4* * * * *
(4) If the Central Government is satisfied that any diploma or certificate or any designation granted or
conferred by any person other than the Institute, which purports to be a qualification in cost accountancy
but which, in the opinion of the Central Government, falls short of the standard of qualifications
prescribed for cost accountants and does not in fact indicate or purport to indicate the position or
attainment of any qualification or competence in cost accountancy similar to that of a member of the
Institute, it may, by notification in the Official Gazette and subject to such conditions as it may think fit to
impose, declare that this section shall not apply to such diploma or certificate or designation
Notes:
1. Subs. by Act 10 of 2012, s. 6, for cost and works accountants (w.e.f. 1-2-2012).
2. Subs. by Act 12 of 2022, s. 64, for “be punishable on first conviction with fine which may extend to one thousand rupees”
(w.e.f. 10-5-2022).
3. Subs. by s. 64, ibid., for “six months, or with fine which may extend to five thousand rupees” (w.e.f. 10-5-2022).
4. Sub-section (3) omitted by Act 7 of 2006, s. 23 (w.e.f. 8-8-2006).