FAQ

Applicability / Eligibility

As per the Council decision, the cut-off date is as on 1st January, 2020 and no condonation of delay in submission of Form 18 beyond 29th February, 2020 (for this year only, else 31st Jan) is considered for the Constitution Certificate and Certificate of Practice for Proprietary Concern/Partnership Firm/LLP the firm and for Individual/Sole Practitioner Members respectively. Please also refer the caption “Credit & Exclusiveness”.

Applicants who have minimum standing of continuous 3 years in profession as on 1.1.2020 and fulfilling other RBI Norms
(https://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=946) would be eligible for MEF for the year 2020-21.

Process

The applicants who had registered earlier for MEF 2019-20 can simply login. In case the applicant does not remember the password can use the option “Forgot Password Button”, the link for reset password will be sent to the registered email-id of the applicant.

Applicant can register himself again for the current year by entering FRN/MRN and Date of Establishment/Date of CoP, as the case may be.

Yes, MEF 2020-21 is pre-filled with details related to firm and partners as per ICAI records (in Green Colour) and other details (in White Colour) as per the data filled by the applicant in previous year form.

(a) Green Fields are non-editable as fetched from ICAI records, any change in any of these green fields is to be got updated in ICAI’s Records through SSP. However, it may be mentioned in MOC or corresponding Grey fields but may be noted that any change will be accepted only after due verification with SSP Portal.
(b) Other details are populated from last year’s MEF and are editable and can be modified there itself.

In MOC, the applicants can inform their details as on 01.01.2020 which as per them is not the same as appearing in the static Green fields.
It may be noted that the changes will be accepted only after due verification.

Yes.

Yes, MEF Form can be printed before submission.

The application once submitted cannot be modified. However, the application can be modified any number of times before submission of MEF.

Credit & Exclusiveness

The credit is given for the partner/proprietor/member practicing in individual name who is exclusively associated and continuing with the applicant till the time of finalization of RBI Panel.

The following partner/proprietor/member practicing in individual name is considered as non- exclusive:
(a) Members associated with any other concern (other than Applicant).
(b) Proprietor/Partner and also having Sole Practice (Individual).
(c) Applicant is Proprietor and is having more than one Proprietary Concern.
(d) Partner/Proprietor/Sole Practice or in Employment other than the Applicant Concern.
The above conditions prevailing even on a single day till finalization of panel will lead to non-exclusivity.

Out of the Multiple firms with Common Partners, one firm can apply for  Bank Branch Auditors’  Panel while rest of the firms can apply for Other Panels (other than Bank Branch Auditors’ Panel) by indicating their option as “Application for Other than BBA Panel”. A unique number will be allotted to such firms.

In case, more than one firms have applied for BBA Panel, the firms other than the firm which wants to remain eligible for BBA Panel have to submit NOC and such firms will be considered for Other Panel only.

Unique Code Number (UCN)

Yes, the applicants who are not eligible for Bank Branch Auditor’s panel will also be allotted UCN except for the following applicants:

  • Members practicing in their individual names:
    • o Having no full-time CoP and/or
    o Associated with any other firm as Partner/Proprietor/Chartered Accountant employee.
  • In case of firm:
    • o If none of the Partner/Proprietor is exclusively associated with that firm

Any Member who has been allotted UCN while practicing in individual name should continue to use the same UCN even on forming sole proprietary concern (may be mentioned in grey field). The UCN will be incorporated after due verification.

Miscellaneous

The period of compulsory rest of two years after completion of four years of continuous branch audit will not be counted if applicant does not fill the MEF Form and / or is eligible for Bank Branch Auditors’ Panel. In such cases, the applicant will not be eligible for Bank Branch Auditors’ Panel even after completing 2 years. Therefore, applicant should be eligible for Bank Branch Auditors’ Panel and submit their application complete in all perspective.

Declaration

For MEF 2020-21, the declaration for the MEF Application will be sought from the member/ partners/ proprietor only through validation of One Time Password (OTP).

  • The OTP will be sent to the Email-id and Mobile No. as registered in SSP i.e ICAI records.
  • Any modification required in email or mobile number, has to be done in SSP only. No such changes would be allowed in MEF.
  • The declaration will be valid only if OTP is validated by all the partners/ proprietor/ Member practicing in individual name. In case, even one partner has not validated, the MEF application will be rejected. However, in case of the partner(s) who has retired /left after 01.01.2020 till the date on which the data is verified second time for finalization of panel (normally this verification is done in month of Oct./ Nov.), all such modifications have to be done through SSP Portal and informed to us through Grey fields.
  • The OTP once send will remain valid for 5 days.

In case of the partner(s) who has retired /left after 01.01.2020 till the date on which the data is verified second time for finalization of panel (normally this verification is done in month of Oct./ Nov.), all such modifications have to be done through SSP Portal and informed to PDC through grey fields.

Financial Document

Financial Document is to be uploaded by all the applicants for the firm (not by an individual) and continuing partners( who have joined the firm on or before 31st March 2019) before submission of MEF, else the MEF Form will not be submitted.

Paid Employee

In case, any paid Chartered Accountant resigns between 01.01.2020 till the date of final preparation of the panel for submission to RBI and another paid Chartered Accountant joins during the same period, the credit of “Y” Paid employee will be given.

Professional Staff & Bank Audit Experience

Professional Staff includes Articled Assistant, Audit Assistant and Other Professional Staff. It is suggested to mention the number of Professional Staff (Ques. 4 at Page No. 4 of MEF 2020-21) as it is one of the eligibility criteria for Bank Branch Auditors’ Panel. Please visit https://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=946 for more details.

As Bank Audit Experience is an important field in determining the category, the applicants are advised to fill it carefully (Ques. 5 at Page No. 4 of MEF 2020-21), please visit https://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=946 for more details.