Question ID : 21577

Guidance on COP Surrender & Transition to Industry (Member in Service)

Hi everyone, seeking urgent guidance on ICAI compliance for a transition from Practice to Industry.

I recently joined a Private Limited company as a Senior Finance Manager (Full-time). Before this, I was practicing as a Partner in an existing firm and also had my own Sole Proprietorship.

I have the following queries regarding the current SSP process:

1. Since I am in full-time employment, is it mandatory to surrender my COP immediately, or is there a 'Part-time' provision that allows for future restoration ease?

2. What are the specific forms (Form 6, Form 18, etc.) and the prescribed timelines (is it strictly 30 days?) to avoid condonation fees?

3. Since I have both a Partnership and a Sole Proprietorship, do I need to file separate closure/resignation forms for both before surrendering the COP?

4. Will surrendering the COP now impact my seniority/standing if I plan to restart my practice in 4-5 years?

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