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The Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) has made a formal request to the Securities and Exchange Commission of Pakistan (SECP) challenging registration and legitimate status of CIMA, UK's branch office operations and awarding designations of ACMA and FCMA in Pakistan.
The Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) is a professional institution established in 1951 and was given chartered status vide Cost and Management Accountants Act No XIV of 1966- (CMA Act) of the Parliament, to regulate the profession of Management Accountants in Pakistan.
According to record available on the website of Securities and Exchange Commission of Pakistan (SECP), "Chartered Institute of Management Accountants" is registered as a branch office of Chartered Institute of Management Accountant, UK vide registration no. F 00000 40 dated May 04, 2009. The Institute is offering CIMA, UK's qualification of Chartered Management Accountancy and offering designations of ACMA and FCMA in Pakistan.
The sections 5 and 21 of the said CMA Act specify that use of designated letters ie, ACMA and FCMA shall only by used under the provision of CMA Act. The Section 23 of the said CMA Act describes that no other company whether incorporated in Pakistan or elsewhere can practice as cost and management accountants in Pakistan. The other Institutions which are promoting and / or practising Management Accounting profession and offering designation with same letters in Pakistan under any other law are ultra-wires of the said CMA Act. Such activities come under infringement of legitimate rights vested into ICMA Pakistan to discharge its role under the above-referred CMA Act. Such activities are also contrary to the provision of said CMA Act and an act to offend the law of Parliament which is well in place since 1966.-PR

Copyright Business Recorder, 2015

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