Institute of Company Secretaries of India
Encyclopedia
The Institute of Company Secretaries of India (ICSI) is statutory professional body constituted under the Company Secretaries Act, 1980 (Act No. 56 of 1980) passed by the Parliament of India
. ICSI is the only recognized professional body
to develop and regulate the profession of Company Secretaries
in India. The Institute of Company Secretaries of India awards the certificate bestowing the designation of Company Secretary (CS) to a candidate qualifying for the membership of the Institute. ICSI has its headquarters at New Delhi and four regional offices at New Delhi
, Chennai
, Kolkata
and Mumbai
.
Associates and 5,226 Fellow Members aggregating to 21,839 Members on the Register of Members as on 31 March 2010. Out of these, 3,576 Members were holding Certificate of Practice as on March 31, 2010. According to the Annul Report, the number of current students is over 200,000 including 111,292 students registered for Executive Programme and 64,297 students registered for Foundation Programme.
The affairs of the ICSI are managed by a Council consisting of fifteen elected members and five nominees of the Central Government. Pursuant to section 383A of the Companies Act, 1956, companies having a paid-up share capital
of Rs 5 crore
or more, as prescribed by the Central Government, are statutorily required to appoint a whole-time Company Secretary.
The major contribution of Company Secretary (CS) is in corporate sector. Company Secretary (CS) is an important professional aiding the efficient management of the corporate sector. Company Secretary (CS) is designated as an officer under the Companies Act. Company Secretary (CS) has to interact, coordinate, integrate and cooperate with various other functional heads in a company. A member of the ICSI may also practise independently as a professional after obtaining a certificate of practice as provided in the Company Secretaries Act, 1980.
Thus there are two areas in the career viz. in whole time employment and whole time practice.
As per the Companies Act 1956, if the company is having more than Rs. 5 crore of paid up share capital, it is mandatory to appoint a full time Company Secretary, and if company has a paid up capital of Rs. 10 lakhs and more but less than Rs. 5 crores, it has to file with Registrar of Companies a compliance certificate from a Practising Company Secretary.
Parliament of India
The Parliament of India is the supreme legislative body in India. Founded in 1919, the Parliament alone possesses legislative supremacy and thereby ultimate power over all political bodies in India. The Parliament of India comprises the President and the two Houses, Lok Sabha and Rajya Sabha...
. ICSI is the only recognized professional body
Professional body
A professional association is usually a nonprofit organization seeking to further a particular profession, the interests of individuals engaged in that profession, and the public interest.The roles of these professional associations have been variously defined: "A group of people in a...
to develop and regulate the profession of Company Secretaries
Company secretary
A company secretary is a senior position in a private company or public organisation, normally in the form of a managerial position or above. In the United States it is known as a corporate secretary....
in India. The Institute of Company Secretaries of India awards the certificate bestowing the designation of Company Secretary (CS) to a candidate qualifying for the membership of the Institute. ICSI has its headquarters at New Delhi and four regional offices at New Delhi
New Delhi
New Delhi is the capital city of India. It serves as the centre of the Government of India and the Government of the National Capital Territory of Delhi. New Delhi is situated within the metropolis of Delhi. It is one of the nine districts of Delhi Union Territory. The total area of the city is...
, Chennai
Chennai
Chennai , formerly known as Madras or Madarasapatinam , is the capital city of the Indian state of Tamil Nadu, located on the Coromandel Coast off the Bay of Bengal. Chennai is the fourth most populous metropolitan area and the sixth most populous city in India...
, Kolkata
Kolkata
Kolkata , formerly known as Calcutta, is the capital of the Indian state of West Bengal. Located on the east bank of the Hooghly River, it was the commercial capital of East India...
and Mumbai
Mumbai
Mumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
.
History
It was in 1960 that the Company Law Board started a course in Company Secretaryship leading to the award of Government Diploma in Company Secretaryship. As the number of students taking up the Company Secretaryship course grew, the Government promoted on 4 October 1968, Institute of Company Secretaries of India under Section 25 of the Companies Act, 1956 for taking over from the Government the conduct of Company Secretaryship examination. The Institute of Company Secretaries of India (ICSI) has since been converted into a statutory body w.e.f. 1.1.1981 under the Company Secretaries Act, 1980. According to ICSI's Annual Report for 2009-10, ICSI had 16,613Associates and 5,226 Fellow Members aggregating to 21,839 Members on the Register of Members as on 31 March 2010. Out of these, 3,576 Members were holding Certificate of Practice as on March 31, 2010. According to the Annul Report, the number of current students is over 200,000 including 111,292 students registered for Executive Programme and 64,297 students registered for Foundation Programme.
Role of Company Secretaries
Membership of ICSI has been recognized for appointment to various superior posts and services under the Central Government.The affairs of the ICSI are managed by a Council consisting of fifteen elected members and five nominees of the Central Government. Pursuant to section 383A of the Companies Act, 1956, companies having a paid-up share capital
Share capital
Share capital or issued capital or capital stock refers to the portion of a company's equity that has been obtained by trading stock to a shareholder for cash or an equivalent item of capital value...
of Rs 5 crore
Crore
A crore is a unit in the Indian number system equal to ten million , or 100 lakhs. It is widely used in India, Bangladesh, Nepal, and Pakistan....
or more, as prescribed by the Central Government, are statutorily required to appoint a whole-time Company Secretary.
The major contribution of Company Secretary (CS) is in corporate sector. Company Secretary (CS) is an important professional aiding the efficient management of the corporate sector. Company Secretary (CS) is designated as an officer under the Companies Act. Company Secretary (CS) has to interact, coordinate, integrate and cooperate with various other functional heads in a company. A member of the ICSI may also practise independently as a professional after obtaining a certificate of practice as provided in the Company Secretaries Act, 1980.
Thus there are two areas in the career viz. in whole time employment and whole time practice.
As per the Companies Act 1956, if the company is having more than Rs. 5 crore of paid up share capital, it is mandatory to appoint a full time Company Secretary, and if company has a paid up capital of Rs. 10 lakhs and more but less than Rs. 5 crores, it has to file with Registrar of Companies a compliance certificate from a Practising Company Secretary.
The Institute has MoU with various institutions
The institute has mutual recognition agreements with ICWAI and ICSAInstitute of Chartered Secretaries and Administrators
The Institute of Chartered Secretaries and Administrators is an international professional membership body and a recognised authority on corporate governance.-History:The organisation was founded in 1891 and incorporated by Royal Charter in 1902...
See also
- Institute of Chartered Accountants of IndiaInstitute of Chartered Accountants of IndiaThe Institute of Chartered Accountants of India is a national professional accounting body of India. It was established on 1 July 1949 as a body corporate under the Chartered Accountants Act, 1949 enacted by the Constituent Assembly of India to regulate the profession of Chartered Accountancy in...
- Institute of Cost and Works Accountants of IndiaInstitute of Cost and Works Accountants of IndiaThe Institute of Cost and Works Accountants of India is a premier professional accountancy body established on May 28, 1959 under the Cost and Works Accountants Act, 1959 enacted by the Parliament of India to regulate the profession of Cost Accountants in India.The ICWAI is a Founder Member of...