Cost and Works Accountants Act, 1959
(1) A candidate who is registered as a student prior to lst July,1984, and who has passed,
(a) the Intermediate Examination of the Institute of Chartered Accountants of India, England and Wales, Scotland or Ireland or the Final Examination or Parts Ill and IV of the Examination of the Institute of Cost and Management Accountants London, shall be exempted, from the papers Advanced Accountancy and Taxation prescribed in Regulation 35.
(c) the Final Examination of the Institute of Company Secretaries of India shall be entitled to exemption from the subjects Advanced Accountancy Taxation, Financial Management, and Principles and Practice of Management of the Final Examination held under Regulation 35.
(2) In the case of candidates registered as students on or after lst July, 1984, the Council shall have the power to decide, and shall decide, from time to time, the individual subjects from which exemption may be granted, strictly on reciprocal basis to students who have passed such examinations of such professional institutes /bodies in India or abroad, as may be recognized by the council in this behalf.
(3) The council shall also have the power to decide, and shall decide, the individual subjects/groups of the Final Examination from which a candidate who is admitted as a fresh Registered Student under Regulation 25A shall be exempted on the basis of exemption from individual subjects/Groups previously secured by him under his former registration.
(4) The council shall also have the power to decide, and shall decide, the individual subjects/Groups from which exemption shall be granted on transitional basis due to commencement of syllabus prescribed in Regulation 34.
(5) The sub-regulations (1) and (4) of this Regulation shall cease to operate from 31st October, 1986 and shall stand deleted from that date and on such deletion the sub-regulations (2) and (3) of this Regulation shall be re-numbered as sub-regulations (1) and (2) respectively, when this sub-regulation shall also stand deleted and the Regulation 35A shall be renumbered as Regulation 35.