Company Secretary is a professional course administered by The Institute of Company Secretaries of India (ICSI) under the Company Secretaries Act, 1980 to develop and regulate the profession of Company Secretaries in India. For the past several years there has been a tremendous growth in the demand for Company Secretaries. In fact, there has been a 70% growth in the registration for CS Programmes. This growth has been precipitated for the following reasons:
- Pursuant to section 383A of the Companies Act, 1956, Companies with a paid-up share capital of Rs. 5 crore or more are legally obliged to appoint a whole-time Company Secretary who must be a member of the Institute of Company Secretaries of India.
- Every Company having a paid-up Share Capital of Rs.10 Lakhs or more but less than Rs.5 Crores is required to engage the services of a Company Secretary in whole time Practice for issue of Compliance Certificate.
- Pursuant to Clause 49 of the Listing Agreement, Practising Company Secretaries have been authorized to issue certificates regarding compliance of conditions of Corporate Governance as stipulated in the clause.
- All Companies seeking listing on Stock Exchange are required to appoint a whole time Company Secretary.
- Membership of the Institute is recognized for appointment to superior posts and services under Central Government.
- Moreover, the CS Course is recognized by various Universities for admission to Ph.D. courses as well as for appointment as Lecturers in Commerce and Management subjects.
The Company Secretary course is designed to give the requisite knowledge and understanding of the modern practice in corporate, financial and legal affairs.
Corporate Governance, the buzzword in today’s business environment is a combination of legal practices, ethics, the best management practices, wealth creation management and foresight. Company Secretary is the key person, who implements all these in an encouraging environment. Additionally, he plays a vital role in planning the Company’s future. A Company Secretary may represent a company to the internal and external stakeholders, coordinate the management functions and company policies, keep an eye on ethics and mutual trust, and help in strategic decisions, thus aligning the company to excellence. As a qualified professional from the ICSI, the world’s largest Institute for Company Secretaries, an individual becomes truly multi-faceted, who executes the day to day activities encompassing all the key areas of Corporate Governance, all the way to corporate growth, through foresight and professional dexterity.
In recent times, the rapid growth in corporatism has increased the demand for Company Secretaries in corporate functions. The training Company Secretaries receive sets them apart from other professionals within a company. These candidates have good exposure to a wide spectrum of subjects such as Law, Accountancy, Administration, Secretarial Practice and many others. This automatically qualifies them for a vast range of positions within a company. Moreover, a Company Secretary may choose to practise as an independent professional. Some of the professional responsibilities and roles of a Company Secretary are listed below:
Role of Company Secretary
Corporate LawsCorporate GovernanceCorporate AdministrationBoard and Shareholders MeetingsCorporate Compliance ManagementStakeholder RelationshipIPO, ADRs / GDRsCapital Markets, Stock Exchanges & Listing AgreementMergers & AmalgamationsInsider Trading & TakeoversRepresentationsArbitration & ReconciliationDirect and Indirect TaxesInvestor Education and Protection
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