India Needs Two Lakh Company Secretaries by 2047: B Narasimhan

Hyderabad: The Institute of Company Secretaries of India (ICSI), a premier professional body set up under an Act of Parliament for regulating and developing the profession of Company Secretaries in India and functions under the jurisdiction of the Ministry of Corporate Affairs, The Government of India organized a day-long Seminar on “Demystifying NCLT Practices” on Saturday in the city at Hotel Manohar, Begumpet.

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Addressing a press conference on the sidelines of the seminar “Demystifying NCLT Practices” CS B Narasimhan, National President of The ICSI said if the Indian economy becomes $ 30 trillion by 2047 as aspired by the Prime Minister of India, India needs 2 lakh companies secretaries, which is triple the size of Company Secretaries of current 72,000 members.

ICSI enrolls 14000 students every year under various programs and we will be doubling the number this year, Narasimhan shared.

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 The Institute, being a pro-active body, focuses on the best and top-quality education to students of the Company Secretaries Course and the best quality set standards for CS members. The Institute has over 72,000 members and around 2 lakh students on its roll he added.

ICSI recently entered an MoU with The National Institute of Securities Markets (NISM), a public trust established by the Securities and Exchange Board of India (SEBI), the regulator of the securities markets in India.  The MOU marks the continuation of the long-term association between the two institutes that will facilitate and enhance institutional collaboration in the area of capacity building and collaborative programs in the areas of Compliance, Securities Markets, Law, and governance, Narasimhan informed.

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It has MoUs with 141 Universities across India.  On Saturday it planned to sign an MoU with Osmania University. 

The ICSI International ADR Centre was recently opened at Noida in UP with the intent to facilitate Arbitration, Mediation, and Conciliation at the National and International levels. That is why the Institute of Company Secretaries of India (ICSI) established its first ICSI International ADR Centre in Noida.   It aids the existing judicial structure – helps in the de-clogging of the courts and provides justice at an unparalleled speed. The ADR Centre is ICSI’s attempt to support the nation’s judicial ecosystem thus strengthening the overall governance ecosystem, the National President of ICSI added.

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The ICSI will hold its 3rd International Conference on the theme Building Resilient & Sustainable Economies on 5-6 April 2024, in Singapore.

Speaking further he informed that ICSI Institute of Social Auditors was set up.  It is a section 8 company, created with the intent of strengthening the social audit and impact assessment, of the social governance ecosystem in the country. The Institute has developed the ICSI Social Audit Standards (ICSI -SAS) covering all 16 activities enumerated under Regulation 292E(2)(a) of SEBI (ICDR), Regulations 2018, to guide in conducting the Social Audit of a Social Enterprise engaged in any of such 16 activities.

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To enable the members of ICSI, and other professionals to register as Registered Valuers, ICSI incorporated a not-for-profit private limited company under Section 8 of the Companies Act, 2013, under the name ICSI Registered Valuers Organization (ICSI RVO). ICSI RVO enrolls, educates, trains, and promotes the profession of Registered Valuers as per the Companies (Registered Valuers and Valuation) Rules, 2017.

Company Secretary’s profession got huge recognition to be the Insolvency professionals. ICSI has set up the ICSI Institute of Insolvency Professionals (ICSI IIP), a frontline regulator registered with the Insolvency and Bankruptcy Board of India (IBBI) under the Insolvency and Bankruptcy Code, 2016. ICSI IIP is registered under section 8 of the Companies Act, 2013 and is a wholly owned subsidiary of the Institute of Company Secretary of India (ICSI).

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ICSI also lends a helping hand to startups. ICSI rolled out a unique initiative, ‘Start-up & MSME Catalyst’. As seasoned professionals, adept in the legal framework and aptly attuned to the needs of the start-ups, Company Secretaries can extend support in almost all arenas of Start-ups right from their registration, to Accounting, Tax, and Finance, and even Investment / Fund Raising not to mention affirming legal compliance.

UGC recognizes Company Secretary Qualification as equivalent to a PG Degree, the National President stated. Similarly, UKENIC – the UK’s National Agency benchmarked the ICSI qualification.

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