Three bills were passed by Parliament on Monday allowing Chartered Accountants, Company Secretaries and Cost and Works Accountants a choice to shift to a new business model of Limited Liability Partnership (LLP).

The three bills, amending laws, governing the Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India (ICSI) and the Institute of Cost and Work Accountants of India (ICWAI) were passed by the Lok Sabha within minutes amid din without discussion.

The Rajya Sabha has already passed the bills.

The amendment bills will help these professionals and thereby the countryachieve a leadership position in the services sector.

The bills are – the Chartered Accountants (Amendment), Bill, 2010, which was introduced in Upper House in April 2010, the Company Secretaries (Amendment) Bill, 2010 to amend the relevant Act of 1980 and the Cost and Works Accountants (Amendment) Bill, 2010 to amend related Act of 1959.

Corporate Affairs Minister Veerapa Moily said that a series of measures have been taken to combat frauds and irregularities in the corporate sector. He asserted that more tough measures are being taken to bring further transparency into the functioning of the Cooperate world.