The Institute of Chartered Accountants of India has made a fresh announcement that the CA exams to be conducted in July have been cancelled. Now, students who were going to write the exams in the May 2020 cycle will be accommodated into the November cycle of this year.
The news comes in light of the high rise of cases in India following Unlock 1.0. The uncertainty has pushed the Institute to cancel the exams after providing the opt-out option to aspiring candidates earlier, leaving the discretion to write the exam with them.
ICAI cancels CA exams
On 15th June 2020, the ICAI had issued a notice allowing students taking the May/July 2020 exams to avail the opt-out option the ICAI said in its announcement on July 3rd, "The students are aware that vide Announcement dated 15th June 2020, the Institute, after taking in account the academic interests and health safeguards of students intending to appear in May 2020 Examinations, had enabled them to change their centre for appearance in May/ July 2020 Examination and/or to decide, at their free will, to "Opt-Out" of the May/ July 2020 Examinations with a carryover of all benefits including the fee paid and exemptions."
It added, "With Unlock1, the severity of COVID 19 Pandemic was expected to subside from the later part of June 2020, but has rather become more severe and, therefore a Review as per announcement dated 15 June 2020 has become necessary." Following the review, the Ministry of Home Affairs had issued the closure of schools and institutions in light of the pandemic. Ergo, many institutions are unable to lend their premises for the purpose of the exams scheduled.
The ICAI has therefore announced, "On a review of above developments and in order to ensure the interest of its students and their well-being, the Institute has decided to cancel May 2020 Examinations and merge the May 2020 attempt with November 2020 Examinations, with a due carryover of all benefits already available to students including the fee paid and exemptions."
The announcement has been a mixed bag for students, some of whom feel they've been robbed of a chance and are expressing their shock on the matter having spent months preparing for the highly competitive exams. In the earlier announcement, the Institute had announced that even if one student opted for writing the exam the exam would be conducted.
