24Penalty for falsely claiming to be a member, etc.

Any person who,--
(i) not being a member of the Institute--
(a) represents that he is a member of the Institute; or
(b) uses the designation cost accountant; or
(ii) being a member of the Institute, but not having a certificate of practice, represents that he is in practice or practices as a cost accountant;
shall be punishable on first conviction with fine which may extend to ¹[one lakh rupees], and on any subsequent conviction with imprisonment which may extend to six months, or with fine which may extend to ²[five lakh rupees], or with both.