Penalty for using name of the Council, awarding degrees of chartered accountancy, etc
(1)
Save as otherwise provided in this Act, no person shall--
(i)
use a name or a common seal which is identical with the name or the common seal of the
(ii)
award any degree, diploma or certificate or bestow any designation which indicates or
(iii)
seek to regulate in any manner whatsoever the profession of chartered accountants.
(2)
Any person contravening the provisions of sub-section (1) shall, without prejudice to any other proceedings which may be taken against him, 2 [be punishable with imprisonment which may extend to six months, or with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees, or with both on first conviction], and on any subsequent conviction with imprisonment which may extend to 3 [one year, or with fine which shall not be less than two lakh rupees but which may extend to ten lakh rupees], or with both.