India needs nearly 2L Company Secs by 2047: ICSI Natl Pres
Hyderabad: Institute of Company Secretaries of India (ICSI) National President B Narasimhan on Saturday said if the Indian economy becomes $ 30 trillion by 2047 as aspired by Prime Minister Narendra Modi, India needs 2 lakh companies secretaries, which is triple the size of Company Secretaries of current 72,000 members.
Addressing a press conference on the sidelines of a day-long seminar “Demystifying NCLT Practices” organised by ICSI , here, Narasimhan said ICSI enrols 14000 students every year under various programs and we will be doubling the number this year.
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, he said.
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, he saud 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 programmes in the areas of Compliance, Securities Markets, Law and governance, Narasimhan informed.
It has MoUs with 141 Universities across the country and today, the institute signed an MoU with Osmania University in the city, he informed.
The ICSI’s first 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, the National President said 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 ICSI will hold its 3rd International Conference on the theme Building Resilient & Sustainable Economies at Singapore from April 5-6 , 2024, he said.
Narasimhan informed that ICSI Institute of socal 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.
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), he said.
ICSI RVO enrol, educate, train and promote 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 ICSI.
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, he said.