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Institute shall sign any document on behalf of cost accountant in practice or a firm of such cost
accountants in his or its professional capacity.
(2) Any person who contravenes the provisions of sub-section (1) shall, without prejudice to any
other proceedings which may be taken against him, be punishable on first conviction with a fine not less
than one lakh rupees but which may extend to five lakh rupees, and in the event of a second or
subsequent conviction with imprisonment for a term which may extend to one year or with a fine not less
than two lakh rupees but which may extend to ten lakh rupees[ or with both.]
1. Subs. by Act 7 of 2006, s. 24, for sub-section (2) (w.e.f. 17-11-2006)
2. Subs. by Act 12 of 2022, s. 66, for “five thousand rupees” (w.e.f. 10-5-2022).
3. Subs. by s. 66, ibid ., for “ one lakh rupees” (w.e.f. 10-5-2022).
4. Subs. by s. 66, ibid ., for “ten thousand rupees” (w.e.f. 10-5-2022).
5. Subs. by s. 66, ibid ., for “ two lakh rupees” (w.e.f. 10-5-2022).