The Institute of Company Secretaries of India (ICSI)

The Institute of Company Secretaries of India (ICSI) is a premier professional body set up under an Act of Parliament, i.e., Company Secretaries Act, 1980, for the regulation and development of the profession of Company Secretaries in India. It functions under the jurisdiction of Ministry of Corporate Affairs, Government of India. The Institute, being a pro-active body, focuses on best and top-quality education to students of Company Secretaries Course and best quality set standards for CS members. The Institute has over 56,000 members and about 3.5 lakh students on its roll.

ICSI: PARTNERING WITH THE MINISTRY

Representations:

·           Ministry of Corporate Affairs (MCA):

o  Condonation of Delay Scheme, 2018;

o  Due Date Extension for Filing of AOC-4 XBRL e-Forms under the Companies Act, 2013;

o  Further Relaxation of Additional fee and Extension of the last date of Filing of AOC-4 XBRL e-Forms using IND AS under the Companies Act, 2013;

o  Amendments in Companies Rules and e-Forms;

o  Facilitation, Co-ordination and Knowledge Support relating to DIR 3, KYC Complications

o  Support in Drafting of Rules and suggestions provided in Rules drafted thereat

o  Views on Reports and Other Significant Aspects of Law

·           Ministry of Law and Justice: seeking recognition of Company Secretaries under the Qualifications and Experience of Arbitrator under The Arbitration and Conciliation (Amendment) Bill, 2018;

·           Representation to Directorate General LabourWelfare seeking Authorization of Practising Company Secretaries for Conducting Social Audit and act as a Social Audit Unit (SAU) under Draft Framework for Social Audit on Implementation of BOCW Act;

·           Suggestions with respect to certain issues in GST Laws to the Ministry of Finance

ICSI representation in various MCA Committees

·           Legal sub-committee of High level Committee on CSR

·           Committee constituted to revisit IEPF rules

·           Support team for MCA Committee for decriminalisation of offences

·           MCA group to examine the Companies (Acceptances of Deposits) Rules, 2014

·           Task Force on Ease of Doing Business in MCA

·           Committee for finalizing Business Responsibility reporting (BRR) format for Listed and unlisted companies

o    Suggestions had been given on the draft NVGs

o    ICSI is a member on the said Committee

o    Also rendering technical, secretarial assistance and logical support

o    Guidance Note on BRR being developed by ICSI

·           High Level Committee on CSR-2018 (HLC-2018) has been constituted under the Chairmanship of Shri Injeti Srinivas, Secretary, MCA to review the existing framework and guide as well as formulate the roadmap for a coherent policy on CSR.

MOU with MCA for Recruitment and Training of Young Professionals for Central Registration Centre of MCA

·         An MOU was signed with the Ministry for engaging the services of Company Secretaries for working as “CRC Executives” at the Central registration Centre of MCA on contractual basis. The entire process of recruitment and training of ICSI members as CRC professionals has been handed over by the Ministry to the ICSI.

·         Webinars (ICSI Knowledge/Awareness Initiatives in collaboration with MCA): on various new developments in law and legal scenario

INITIATIVES FOR STUDENTS:

ICSI New Syllabus

·           Consequent upon the recommendations of ICSI Syllabus Review Board, the Institute came up with its new curriculum for Executive and Professional Program students to ensure the cutting-edge knowledge insights providing empowered Governance professionals who would march ahead with renewed excellence towards New ICSI 2022.

·           Examination for Executive Programme under the New Syllabus was successfully conducted in December, 2018 and for Professional Programme the same shall be conducted in June, 2019

3rd International Company Secretaries Olympiad – MoU with Science Olympiad Foundation

CS Olympiad is one such initiative of the Institute that caters to create awareness about the profession of Company Secretaries among thousands of Schools and Students. Taking this initiative forward for the Academic Year 2018-19, the Institute has renewed and signed Memorandum of Understanding (MoU) with Science Olympiad Foundation for conducting the 3rd International Company Secretaries Olympiad as scheduled on December 20, 2018 and January 31, 2019.

Study Centre Scheme

In order to break the distance barrier for students belonging to cities / locations in which the representative offices of the Institute are not in existence, the Institute launched the Study Centre Scheme, under which Study Centres have been established in collaboration with reputed colleges in different locations covering the remote places including Lakshadweep, Andaman & Nicobar Islands, North Eastern States, Daman and Diu and Puducherry

ICSI Signature Award Scheme

The Institute launched an ICSI Signature Award Scheme in January, 2016 under which top rank holders in B.Com. Final Examinations in reputed universities and also specialized programmes/ papers of IITs / IIMs are awarded a Gold Medal and a Certificate.

‘Shaheed Ki Beti’ Initiative

The Institute has launched a novel initiative to help the daughters of Martyrs who laid down their lives for protecting the sovereignty of the country. Under the ‘Shaheed Ki Beti’ initiative, the Institute has discontinued the practice of giving mementoes, etc. to the dignitaries/ speakers invited for various programmes of the Institute and the said amount will be transferred to the dedicated corpus and will be utilised for the education/ welfare of the daughters of martyrs. 

Grievance Solutions Cell

The grievances, suggestions and queries received from the stakeholders enables the Institute to improve constantly. For achieving this objective, the Institute has created a Grievance Solutions Cell which is monitoring the communications received through the Support Portal. The Call Centre established by the Institute is available to all the stakeholders.

Fees Waiver Scheme for Students of State of Jammu & Kashmir and North-Eastern States

 In order to provide equal opportunities to the youth from North-Eastern States and State of Jammu and Kashmir,to come to the mainstream and to encourage themfor joining the CS Course, the Institute has launcheda Fee Waiver Scheme for the related students. ThisFee Waiver Scheme, which stood operative till March31, 2018, has shown an immense success with manystudents taking benefit of this scheme and haveregistered themselves in CS course since the launchof the Scheme. Consequently, the Institute is also inan active process for opening study centres to caterthe academic needs of the students of such areas.

ICSI Students Education Fund Trust        

The Institute has created ‘ICSI Students Education Fund Trust’ which encourages and motivates both economically backward & academically bright students to pursue the Company Secretaryship Course. The creation of the Trust has been one of the important initiatives of the Institute to impart education to economically needy and academically bright students at zero cost thus contributing to the objectives of nation building and social responsibility.

INITIATIVES FOR MEMBERS

ICSI Secretarial Standards

·           The Secretarial Standard on Meetings of the Board of Directors (SS-1) and Secretarial Standard on General Meetings (SS-2) issued by the ICSI and approved by the Central Government (Ministry of Corporate Affairs) are mandatory for compliance under Section 118 (10) of the Companies Act, 2013 w.e.f. 1st July, 2015.

·           Aimed at facilitating good corporate governance, the Secretarial Standards integrate, harmonise and standardise the diverse Secretarial practices followed by the corporates so as to promote uniformity and consistency. In order to promote the standardised practices in respect of Dividend and Board’s Report, the ICSI issued following two Secretarial Standards:

o   Secretarial Standard on Dividend (SS-3)  effective from 1^st January, 2018

o   Secretarial Standard on Report of the Board of Directors (SS-4) effective from 1^st October, 2018for voluntary adoption by companies.

·           Many more such Secretarial Standards pertaining to different aspects of corporate law, ensuring and promoting strengthened good governance are in pipeline. 

Recognition to Practicing Company Secretary under SEBI LODR Regulations:

SEBI has inserted ’Regulation 24 A’ providing for Secretarial Audit in SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as under:

“24A: Secretarial Audit

Every listed entity and its material unlisted subsidiaries incorporated in India shall undertake secretarial audit and shall annex with its annual report, a secretarial audit report, given by a company secretary in practice, in such form as may be prescribed with effect from the year ended March 31, 2019.”

ICSI INITIATIVES TOWARDS GST

In standing shoulder to shoulder with the government towards directed implementation of GST Pan India, the Institute is persistent in building the capacity of its members, students and related stakeholders by advancing their understanding about GST and also by constantly apprising them with updates in GST through various initiatives. Few of our major initiatives in this direction are listed as below:

·         ICSI - GST Newsletter

·         ICSI - GST Educational Series

·         ICSI - GST Point

·         ICSI GST APP

·         CS: A GST Practitioner

INTERNATIONAL INITIATIVES

UK NARIC (National Recognition Information Centre) for recognition of ICSI’s Company Secretaryship qualification

The Institute of Company Secretaries of India (ICSI) has always strived for academic and professional excellence for its key stakeholders, i.e. students and members. With the aim of expanding international opportunities for Company Secretary, Institute engaged UK NARIC (National Recognition Information Centre) to conduct an independent benchmarking study, evaluating the comparability of the ICSI Executive and Professional Programmes of the Company Secretaryship Course in the context of the UK and UAE education systems. UK NARIC is United Kingdom’s National Agency responsible for providing informed advice and guidance on vocational, academic and professional qualifications from over 190 countries worldwide.

UK NARIC conducted detail comparative analysis on various activities relating to Company Secretaryship course and recommended ICSI Executive Programme equivalent to Regulated Qualifications Framework - Level 6 i.e Bachelor degree standard and Professional Programme equivalent to RQF - Level 7 i.e Master degree standard in United Kingdom. Similarly, UK NARIC also recommended ICSI Executive Programme equivalent to Qualification Framework Emirates - Level 7 i.e. Bachelor degree standard and Professional Programme equivalent to QF Emirates Level 9 i.e. Master degree standard in United Arab Emirates.

Stage	UK Qualifications	UAE Qualifications
CS Executive Programme	RQF Level 6 [Bachelor degree standard]	QFEmirates Level 7 [Bachelor degree standard]
CS Professional Programme	RQF Level 7[Master degree standard]	QFEmirates Level 9 [Master degree standard]

Benchmarking projects can facilitate qualification transparency, providing an independent and objective review of a client’s qualification(s) and comparative analysis to the UK education system, a system well known and understood internationally.

Malaysian Association of Company Secretaries (MACS)

ICSI and Malaysian Association of Company Secretaries (MACS) have agreed to enter into anMoU for reciprocal paper-wise exemption. MACS has also expressed its desire to adopt the Secretarial Standards formulated by ICSI, and approved by the Government of India under sub-section (10) of Section118 of the Companies Act, 2013, for the purpose of benchmarking MACS’s own Standards. The Ministry of Corporate Affairs has approved the adoption of the ICSI’s Secretarial Standards by MACS.

Recognition of Corporate Governance, Compliances and Secretarial Advisory Services (CGCSAS) In The Form of Updating The WTO Services Sectoral Classification List

ICSI is pursuing with the Ministry of Commerce, Government of India for its recommendation to the WTO Secretariat for inclusion of a new Head of Corporate Governance, Compliances and Secretarial Advisory Services (CGCSAS) in the Services Sectoral Classification of WTO and submitted the copy of Corporate Secretaries of International Association (CSIA) proposal to the WTO for the recognition of CGCSAS. Recognition of the proposed CGCSAS classification will result in a significant increase in trade in such services, facilitate the sharing of best practices globally, and foster continuous improvement in global corporate governance standards and outcomes.

Support to Foreign Investors For Setting Up Business In India

The Institute is dedicated to the service of the Nation while establishing, promoting and sustaining the global parameters of governance at par. With this, Institute is persistently supporting the Government of India in its pursuits towards nation building. In line to our whole hearted support for “Vision New India”, the Institute is extending its association to persons/companies overseas with the guidance and facilitation on setting up business in India. Consequent upon the Institutes standing at the official website of Indian overseas mission at Kenya, Malaysia, St. Petersburg, Russia, Melbourne, Australia, has placed the link of ICSI’s website along with ICSI logo at their website to apprise the populace in respectiveCountries with the ease and information on setting up business in India. Other Indian overseas mission also assured for placing of ICSI link at their website.

RECENT RELEASES

-          Premier on Company Law

-          Corporate Compliance Management Manual for Central Public Sector Enterprises

-          CS - A CORPORATE SAVIOUR: Institute has released following sector specific publications:

·         CS - A Corporate Saviour – IT and ITeS

·         CS - A Corporate Saviour  - Real Estate Sector

·         CS - A Corporate Saviour  - Power Sector

·         CS - A Corporate Saviour  - Oil and Natural Gas Industry

·         CS - A Corporate Sector    - Banking Sector

·         CS - A Corporate Saviour  - Hotel Industry

·         CS - A Corporate Saviour  -Tourism Industry

·         Compliance Management and Auditing Configuration (CMAC): Compliance Management and Auditing Configuration (CMAC) is a tool developed by the Institute for facilitating conduct of Secretarial Audit through an agency. 

·         Educational Series on  Prevention of Sexual Harassment of Women at Workplace

SPECIALISED COURSES BY ICSI

ü  PMQ Courses

The Institute has Launched PMQ Course in specialized subject, namely, Banking Law and Practice, Insurance Law and Practice, Capital, Commodity and Money Market; Intellectual Property Rights-Law and Practice; and International Business- Law and Practice, Launched PMQ Course in Competition Law and Restructured PMQ Course in Corporate Governance. The Institute has also launched a Course on Valuation.

ü  ICSI – Contact Program for Certificate Course onCertified CSR Professional

ü  Certificate Course in GST launched

ü  Educational Course on ‘Valuation of Securities or Financial Assets’

ICSI SUBSIDIARIES

ICSI-IIP

·           Established in 2016, the ICSI IIP has on its roll a total of 760 professionals of which 446 are Company Secretaries. While on one hand two years down, the number of Company Secretaries skilling themselves to take this road of opportunity is soaring, it is indeed heartening to note that members of other professional bodies including CAs and advocates are keenly taking to this area of activity.

ICSI-RVO

·           In order to enable the members of ICSI, other professionals and eligible persons to register as Registered Valuers, ICSI has incorporated a not-for-profit private limited company under Section 8 of the Companies Act, 2013, by the name ‘ICSI Registered Valuers Organization’. This is a new area of opportunity which recognizes Company Secretaries to be Registered Valuers for the asset class viz. Securities and Financial Assets.

ICSI – GRKF

·           Incorporated in 2013, the main object of ICSI Governance Research and Knowledge Foundation is to generate, spread and impart knowledge, or engage in activities, in the area of corporate laws, governance, management, business sustainability and corporate social responsibility, capital and financial markets, auditing, fiscal and economic laws and policies, information and control systems and allied disciplines through research, publications, training, education or in any other manner.