One of the most important roles in the corporate world is the role of the Company Secretary, popularly known by the acronym CS. A Company Secretary is in charge of the efficient administration, corporate governance, and regulatory compliance of a corporation.
A Company Secretary serves as the vital link between the business and its shareholders, board of directors, regulatory bodies and other stakeholders. A CS provides the Board with direction regarding its obligations, responsibilities, and powers under various laws, rules, and regulations and is crucial in ensuring that the Board's procedures are followed and reviewed regularly.
A Company Secretary is a key member of the company management team who serves as the company's conscience seeker and compliance officer in addition to serving as in-house legal counsel to advise the Board and the various functional departments of the company on various corporate, business, economic, and tax laws.
Roles Of A Company Secretary
The role of the Company Secretary involves multidisciplinary services across the corporate world. Some of the responsibilities of the Company Secretary include Secretarial Services, Corporate and Legal Services, Law Advisory and Representation Services, Banking services etc.
Below are the roles and responsibilities which a Company Secretary provides to a corporation:-
| Roles | Responsibilites |
| Corporate Governance, Legal And Secretarial Services | |
| Corporate Secretarial Services | Setting up board and general meetings, creating MOMs, and handling all tasks concerning shares, their transmission, and transfer etc. |
| Corporate Governance Services | Advises on corporate governance standards and good governance practices as outlined in the Companies Act, Listing Agreement, and other laws, rules, and regulations. |
| Secretarial and Certifications under the Companies Act | Provide a Compliance Certificate to businesses that are exempt from hiring a full-time company secretary, conduct a compliance audit or secretarial audit, and sign an annual return |
| Financial Markets Services | |
| Public Issue, Listing and Securities Management | When issuing shares and other securities, a company secretary serves as an advisor or consultant. Creating a prospectus, a selling offer, or a letter of offer and other papers about securities issuance, etc. |
| Banking Services | |
| Completing the Due Diligence Report and Certification for Consortiums and Multiple Banking Arrangements Made by Scheduled Commercial Banks and Urban Co-op Banks is one of the CS's duties. | |
| Corporate Laws Advisory And Representation Services | |
| Representation Services | Representing before the Company Law Board and the National Company Law Tribunal on behalf of a business or other individuals, Securities Appellate Tribunal, Registrar of Companies, Competition Commission of India, MRTP Commission, Consumer Forums, Tax Authorities, etc. |
| Corporate Laws Advisory Services | Counselling businesses on legal and procedural compliance, especially concerning the Environmental and Pollution Control Laws and the Foreign Exchange Management Act, Industrial and Labour Laws, etc. |
| Arbitration and Conciliation Services | Advising on conciliation, arbitration, and negotiation in business issues between parties. Serving as a conciliator or arbitrator in both local and foreign business issues, etc. |
| Taxation Services | |
| A CS advises businesses on tax planning and management by income tax, excise and customs laws, service tax, and VAT. Creating and analysing the different reports and returns needed to comply with tax rules and regulations, defending individuals and businesses before tax authorities and tribunals. | |
| International Trade And WTO Services | |
| Under the WTO's TRIPS Agreement, a company secretary provides advice on issues about intellectual property rights, antidumping, countervailing duties and subsidies. Arbitration in International Commerce, providing certifications and advice regarding foreign trade policy and procedures. Serving as a registered trademark agent and offering advice on intellectual property licensing and agreement drafting. | |
Steps Involved in Becoming a Company Secretary
A student and an aspirant for the role of the Company Secretary who has completed their class 12th from a recognised board has to complete three stages. The three stages involved in becoming a Company Secretary are as follows:-
- Foundational Program
- Executive Program
- Professional Program
Foundational Program
An aspirant for the role of the Company Secretary can pursue the role by completing their class 12th in any of the following streams from a recognised board like:-
- Arts or Humanities Stream
- Science Stream
- Commerce Stream
Once a student has completed the foundational program, which means completing class 12th in any stream, and after completing graduation, a student has to only pursue two stages, the executive stage and the professional stage. A student pursuing the career of Company Secretary must be aware that a class 12th completed with the Fine Arts stream will not be considered for the three stages.
Executive Program:-
A student who has once completed their foundational program stage can pursue the executive program. An Executive program stage can be pursued by a graduate student belonging to any degree, except the Fine Arts.
Professional Program:-
This is the final stage a student has to pursue after the Foundational Program stage and the Executive Program Stage. It can only be pursued once the student has cleared the other two stages involved in becoming the Company Secretary.
The CS course is open for enrollment all year long. The exams for admission are administered twice a year in July and December.
Modules and Subjects of the Company Secretary through ICSI
A parliamentary act created the Institute of Company Secretaries of India (ICSI), a prestigious professional association, to oversee and advance the company secretarial profession. This institute is overseen by the Ministry of Corporate Affairs, Government of India. The ICSI has six foreign centres in the United States, Canada, Singapore, Australia, and the United Arab Emirates, and has the largest membership and student body of company secretaries worldwide, with over 75,000 members and almost 200,000 students.
Below are the modules and subjects which are taught by the Institute of Company Secretaries in India from the foundation program to the professional program for the students who want to pursue a career in the field of Company Secretaries:-
| Foundational Program (w.e.f. 2017) |
|
| Executive Program (w.e.f. March 2018) | |
| Module 1 with 4 papers |
|
| Module 2 with 4 Papers |
|
| Professional Program (w.e.f. September 2018) | |
| Module 1 |
|
| Module 2 |
|
| Module 3 |
|
| Elective Paper | |
| |
Comments
All Comments (0)
Join the conversation