‘New Companies Act, 2013 to benefit company secretaries’
2 Dec 2013 6:02 AM IST
Despite the grim economic scenario, over 13 lakh companies in India will benefit with the employment of company secretaries through the Companies Act passed by the Lok Sabha, that confers special status to company secretaries as ‘key managerial personnel’ and puts them on par with CEOs, CFOs and full-time directors, according to Institute of Companies Secretaries of India (ICSI) President S N Ananthasubramaniam.
Noting that according to section 383A of the Companies Act, companies in India having paid-up share capital of Rs five crores or more are compulsorily required to have a company secretary who must be member of the ICSI, Ananthasubramaniam said on Sunday that around four lakh students nationally of the ICSI stood to gain in employment in banking, finance and service industries, among others. ‘In corporate social responsibility (CSR) too, there will be lots of funds deployed towards non-governmental organization (NGOs) and these too will result in job creation for company secretaries,’ pointed out.
‘While the Companies Act will open up lots of job opportunities for company secretaries, it will also ensure transparency in working of companies because the company secretaries are expected to become custodians of not only company funds, but also of good corporate governance, alongside also being their company’s conscience-keepers,’ he said. Highlighting the ICSI’s tie-ups to promote employment opportunities in banking and insurance, he said an MOU has been signed with Indian Institute of Banking and Finance for ‘Certified Banking Professional’ course, another MOU with National Institute of Securities Markets with first workshop on ‘Ethics and Governance,’ and an MOU with Institute of Chartered Accountants of India and the Institute of Cost Accountants of India (for setting up a centre of Excellence for Quality and Ethics at Ajmer).
Noting that according to section 383A of the Companies Act, companies in India having paid-up share capital of Rs five crores or more are compulsorily required to have a company secretary who must be member of the ICSI, Ananthasubramaniam said on Sunday that around four lakh students nationally of the ICSI stood to gain in employment in banking, finance and service industries, among others. ‘In corporate social responsibility (CSR) too, there will be lots of funds deployed towards non-governmental organization (NGOs) and these too will result in job creation for company secretaries,’ pointed out.
‘While the Companies Act will open up lots of job opportunities for company secretaries, it will also ensure transparency in working of companies because the company secretaries are expected to become custodians of not only company funds, but also of good corporate governance, alongside also being their company’s conscience-keepers,’ he said. Highlighting the ICSI’s tie-ups to promote employment opportunities in banking and insurance, he said an MOU has been signed with Indian Institute of Banking and Finance for ‘Certified Banking Professional’ course, another MOU with National Institute of Securities Markets with first workshop on ‘Ethics and Governance,’ and an MOU with Institute of Chartered Accountants of India and the Institute of Cost Accountants of India (for setting up a centre of Excellence for Quality and Ethics at Ajmer).
Next Story
