The Institute of Company Secretaries of India (ICSI) has been constituted under an Act of Parliament i.e., the Company Secretaries Act, 1980 (Act No.56 of 1980) to develop and regulate the profession of Company Secretaries. The ICSI functions under the jurisdiction of Ministry of Corporate Affairs.

The Institute has its headquarters at New Delhi,  four Regional Councils at New Delhi, Chennai, Kolkata and Mumbai and 68 Chapters spread all over India.

The affairs of the Institute are managed by the Council of the Institute consisting of fifteen elected members and five nominees of the Central Government.

ICSI- FUNCTIONS AT A GLANCE

The ICSI:

•           Registers students with 10+2 and graduate qualifications for Foundation and Executive Programme of Company Secretaryship, respectively with course contents in Corporate and Economic Laws, Management, Accounting, Taxation and Finance disciplines;

•           Conducts Company Secretaryship examination twice a year in June and December;

•           Provides postal/oral coaching and training enabling students to qualify as Company Secretaries;

•           Arranges e-learning for students through Web Based Training, Video Based Training and Live Virtual Classroom;

•           Arranges training for Executive/Professional Programme pass students in companies/with Company Secretaries in Practice empanelled with the Institute;

•           Enrols qualified persons as Associate/Fellow members of the Institute;

•           Issues Certificate of Practice to members taking up practice;

•           Conducts Post Membership Qualification Course for members of the Institute;

•           Publishes widely read and highly acclaimed monthly journal 'Chartered Secretary';

•           Publishes 'Student Company Secretary' and 'CS Foundation Course Bulletin' for the benefit of students;

•           Publishes Online 'CS update' containing current notifications and circulars relating to various corporate and related laws;

•           Exercises professional supervision over the members of the Institute both in practice and in employment in matters pertaining to Professional Ethics and Code of Conduct;

•           Undertakes research in Law, Management, and Finance and Capital Market disciplines and brings out research publications and guidance notes;

•           Issues Secretarial Standards and brings out Guidance Notes thereon;

•           Renders expert advisory services to members on intricate issues relating to various corporate laws;

•           Organises Professional Development and Continuing Education Programmes, International/ National/Regional Conventions and Conferences directly or through its Regional Councils and Chapters;

•           Organises Professional Development Programmes in collaboration with Chambers of Commerce, Department of Public Enterprises, sister Professional Institutes and other Professional Development/ Management Bodies;

•           Interacts with various National and Regional Chambers of Commerce with regard to various Government Policies and Legislations;

•           Interacts with the Central and State Governments and Regulatory Authorities on matters of professional interests;

•           Interacts with Company Secretaries Institutions of other countries for mutual benefit and in respect of the International Federation of Company Secretaries;

•           Bestows ICSI National Award for Excellence in Corporate Governance on best governed companies;

•           Bestows Life Time Achievement Award for Translating Excellence in Corporate Governance into Reality;

•           Founder Member of the National Foundation for Corporate Governance;

•           Founder Member of International Federation of Company Secretaries.

BUILDING OF FUTURE PROFESSIONALS TO GUIDE CORPORATE INDIA

The ICSI conducts the Company Secretarship examination to bring in high level professionals specialized in corporate laws, management and governance.  The Company Secretaryship Course is conducted in three stages as under:

• Foundation Programme : Candidates who have passed Senior Secondary Examination (10+2) are  eligible for admission to Foundation Programme.

• Executive Programme: Graduates in any stream excluding Fine Arts or candidates who have passed the Foundation Examination are eligible to join Executive Programme.

• Professional Programme :  A registered student is admitted to the Professional Programme on passing the Executive Examination.

The candidates are also required to complete the following trainings: -

•           Seven days Student Induction Programme (SIP) within six months of registration to the Executive Programme

·                     72 Hours Computer Training

•           Eight days Executive Development Programme (EDP) after passing Executive Programme ;

•           Fifteen months whole time training after passing Executive Programme;

•           Fifteen days training in a specialized agency such as Office of Registrar of Companies, stock exchange, commodity stock exchange, financial or banking institution or management consultancy firm,  etc.;

•           Fifteen days Management Skills Orientation Programme(MSOP).

After successful completion of examination and training, a candidate is conferred with Associate Membership of the ICSI.

The Company Secretaryship course is conducted through distance learning and supplemented by oral tuition as well as e-learning.

COMPANY SECRETARY – A LEAD PROFESSIONAL

A Company Secretary is defined under the Company Secretaries Act, 1980 to mean a person who is a member of ICSI.

Ø  Under Section 2(45) of Companies Act, 1956 “Secretary” means a Company Secretary within the meaning of Section 2(1)(c) of the Company Secretaries Act, 1980 (56 of 1980) and includes any other individual possessing the prescribed qualifications and appointed to perform the duties which may be performed by a secretary under this Act and any other ministerial or administrative duties.

Ø  Pursuant to Section 383A of the Companies Act, 1956, companies with a paid-up share capital of rupees five crore or more are compulsorily required to appoint a whole-time Company Secretary who must be the member of the Institute of Company Secretaries of India.

The Company Secretary

Ø  acts as a vital link between the company and its Board of Directors, shareholders and other stakeholders and regulatory authorities;

Ø  plays a key role in ensuring that the Board procedures are followed and regularly reviewed;

Ø  provides the Board with guidance as to its duties, responsibilities and powers under various laws, rules and regulations;

Ø  acts as a compliance officer as well as an in-house legal counsel to advise the Board and the functional departments of the company on various corporates, business, economic and tax laws;

Ø  is an important member of the corporate management team and acts as conscience seeker of the company.

Company Secretary in Practice

Ø  Many of the members of the Institute are in independent public practice.

Ø  Under section 2(45A) of the Companies Act, 1956 “secretary in whole-time practice” means a secretary who shall be deemed to be in practice within the meaning of sub-section (2) of section 2 of the Company Secretaries Act, 1980 (56 of 1980) and who is not in full-time employment.

Companies to obtain Compliance Certificate

Every company having a paid-up share capital of rupees ten lakh or more but less than rupees five crore is required to obtain a compliance certificate from a Secretary in Whole-time Practice.

SERVICES RENDERED BY COMPANY SECRETARIES

A Company Secretary being multi-disciplinary professional renders wide range of services.

Corporate Governance Services

Advising on good governance practices and compliance of Corporate Governance norms as prescribed under various Corporate, Securities and other Business Laws and regulations and guidelines made thereunder. Company Secretary also assists in developing a corporate compliance management system and social sustainability framework.

Corporate Secretarial Services

• Promotion, formation and incorporation of companies and matters related herewith
• Filing, registering any document including forms, returns and applications by and on behalf of the company as an authorized representative
• Co-ordinating board/general meetings and follow-up actions thereof
• All work relating to Securities and their transfer and transmission
• Custodian of corporate records, statutory books and registers
• Secretarial/Compliance Audit and Certification Services
• Issuing Compliance certificate for companies not required to employ a whole-time Company Secretary
• Signing of Annual Return
• Other declarations, attestations and certifications under the Companies Act, 1956.

Corporate Laws Advisory Services

Advising companies on Compliance of legal and procedural aspects, particularly under –

• SEBI Act, Securities Contracts (Regulation) Act  and rules and regulations made thereunder
• Foreign Exchange Management Act
• Consumer Protection Act
• Depositories Act
• Environment and Pollution Control Laws
• Labour and Industrial Laws
• Co-operative Societies Act
• Mergers , Amalgamations and Strategic Alliances
• Foreign Collaborations and Joint Ventures
• Setting up subsidiaries abroad
• Competition Policy and Competition Law Compliances
• IPR Protection, Management, Valuation and Audit
• Drafting of Legal Documents.

Representation Services

Representing on behalf of a company and other persons before–

• Company Law Board
• National Company Law Tribunal
• Competition Commission of India
• Securities Appellate Tribunal
• Registrar of Companies
• Consumer Forums
• Telecom Disputes Settlement and Appellate Tribunal
• Tax Tribunals and
• Other quasi-judicial bodies and Tribunals.

Arbitration and Conciliation Services

• Advising on arbitration, negotiation and conciliation in commercial disputes between the parties
• Acting as arbitrator/conciliator in domestic and international commercial disputes
• Drafting Arbitration/Conciliation Agreement/Clause.

Public Issue, Listing and Securities Management

• Advisor/consultant in issue of shares and other securities in India and abroad
• Drafting of prospectus/offer for sale/ letter of offer/other documents related to issue of securities and obtaining various approvals in association with lead managers
• Listing / delisting of securities
• Private placement of securities
• Buy-back of shares
• Raising of funds from international markets – ADR/GDR/ECB
• Acting as compliance officer under listing agreement
• Compliance officer for various capital market intermediaries.  

Takeover Code and Insider Trading

• Ensuring compliance of the Takeover Regulations
• Ensuring compliance with SEBI (Prohibition of Insider Trading) Regulation, 1992 including maintenance of various documents

Securities Compliance and Certification Services

Compliance with rules and regulations in the securities market particularly –

• Internal Audit of Depository Participants
• Internal Audit of Stock Brokers/Trading Members/Clearing Members
• Internal Audit of Portfolio Managers
• Internal Audit of Credit Rating Agencies
• Certification  in relation to Reconciliation of total issued capital, listed capital and Capital held by depositories in dematerialized form
• Concurrent Audit in case of Demat Account Opening, Control, Verification of Delivery Instruction Slips
• Certification regarding Non- Promoters Holding under clause 35 of the equity listing agreement
• Certification that all transfers have been completed within stipulated time period under Clause 47 (c ) of the equity Listing Agreement
• Certification regarding compliance of conditions of Corporate Governance under Clause 49 of the equity listing agreement

·                     Listing Agreement for Listing of Debt Securities and Listing Agreement for Indian Depository Receipts

·                     Various certifications for trading members of stock exchanges.

Banking Services

• Diligence Report and Certification in respect of Consortium / Multiple banking arrangements made by Scheduled Commercial Banks/Urban Co-operative Banks
• Loan Syndication
• Loan Documentation
• Registration of Charges
• Status and Search Report.

Finance and Accounting Services

• Accounting and compilation of financial statements
• Working capital and liquidity management
• Determination of an appropriate capital structure
• Analysis of capital investment proposals
• Business valuations prior to mergers and/or acquisitions
• Budgetary controls
• Preparation of Project Reports and feasibility studies
• Internal Audit.

Taxation Services

• Advisory services to companies on tax management and tax planning under Income Tax, Excise and Customs laws, Service Tax and VAT etc.
• Preparing/reviewing various returns and reports required for compliance with the tax laws and regulations
• Representing companies and other persons before the tax authorities and tribunals.

International Trade and WTO Services

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