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Q1.Tell me something about the career of company secretary?
Q2.What
is the role of "The Institute of Company Secretaries of India " ?
Q3.What
does a Company Secretary do?
Q4.Who
can become a Company Secretary?
Q5.Where
are the centers of the institute?
Q6.What
is the procedure for becoming a Company Secretary?
Q7.What
are the places where examinations are held?
Q8.What are the prospects for employment ?
Q1.Tell
me something about the career of company secretary?
A1.The use of the word
secretary in the name of this specialisation is a bit misleading for one
who is new to the concept. A Company Secretary has nothing to do with
regular secretarial work. A Company Secretary is a professional whose role
in a corporate set up is that of an advisor for legal matters. As per the
Companies Act, a statutory requirement is that companies with a paid up
share capital of a minimum of Rs 50 lakh are required to appoint a Company
Secretary. A Company Secretary is a very important member of the company’s
management.
Q2.What is the role of "The Institute of Company
Secretaries of India " ?
A2.The Institute of
Company Secretaries of India is constituted under the Company Secretaries
Act, 1980, to develop and regulate the profession of Company Secretaries
in India. The origin of this profession can be traced back to 1960, when
the Company Law Board started a course in Company Secretaryship leading to
a Government Diploma in Company Secretaryship. A tremendous growth in the
number of Company Secretaries led to the formation, in 1969, of The
Institute of Company Secretaries of India under Section 25 of the
Companies Act, 1956. The Institute of Company Secretaries of India has
been converted into a statutory body under the Company Secretaries Act,
1980.
Q3.What
does a Company Secretary do?
A3.
The range of services that a
Company Secretary is trained to carry out is wide. In actual practice, it
will depend upon the size of the company he or she is working with. The
nature of activities that the company is engaged in will also affect the
type of services that a Company Secretary is required to provide.
Functions of a Company Secretary A Company Secretary has been recognised
by law as one of the principal officers of the Company. The knowledge that
he or she acquires during training makes him or her versatile enough to
carry out functions in various areas like finance, accounts, legal
administration and personnel division. Training as a Company Secretary
equips a person to provide the following services. Handling legal aspects
that need to be covered for incorporation, formation, promotion,
amalgamation, reorganisation or winding up of a company, are the
responsibilities of a Company Secretary ¨ If a company goes public, then
management of the public issue falls under the ambit of a Company
Secretary's responsibility. ¨ All legalities involved with inter-corporate
investments and loans are looked after by a Company Secretary. ¨ All
responsibilities attached to meetings of Board of Directors are attached
to the Company Secretary. He or she is responsible for scheduling them in
consultation with other members of the management team, conduct the
meetings and maintain all records related to the meetings. ¨ Depending
upon the needs of the company that he or she is working for, a Company
Secretary is required to handle matters related to central/state sales
tax, excise laws, labour laws and corporate laws. ¨ Looking into the
details of processing applications for management appointments and their
remuneration is also the responsibility of a Company Secretary. ¨ A
Company Secretary handles matters related to obtaining institutional
finance. Responsibilities in this regard would include getting project
approvals, obtaining relevant licences and permits, zeroing in on all
requirements under the MRTP (Monopolies and Restrictive Trade Practices
Act) and FERA (Foreign Exchange Regulation Act) and any other relevant
legislation. ¨ The Company secretary is authorised to sign the annual
returns of the company, as also represent the company when a situation
demands it. The above-mentioned duties are just a broad guideline of what
is expected of a Company Secretary.
Q4.Who can become a Company Secretary?
A4.The minimum
eligibility required for the foundation course for training as a Company
Secretary is 10+2 or an equivalent examination. Graduates or
post-graduates in commerce, or any other discipline except fine arts, are
allowed to skip the foundation course and enrolled directly for the
intermediate examination. This exemption is also extended to those who
have passed out of the Institute of Cost and Works Accountancy or the
Institute of Chartered Accountants of India. For better prospects one may
opt for the Company Secretary course after having completed either the
Cost and Works Accountancy course or the Chartered Accountancy course or
both. The course The Institute of Company Secretaries of India conduct
examinations for different levels of competencies. Those who clear these
examinations are granted membership to the Institute.
Q5.Where are the centres of the institute?
A5.The Institute has
headquarters at New Delhi. Offices at Calcutta, Chennai, Delhi and Mumbai,
four regional councils and thirty-six chapters of the Institute in various
cities provide the infrastructure through which the Institute functions.
This course is a mixture of postal tuition and optional coaching classes.
Study material is provided to the students at the time of admission. On
completion of postal coaching and contact classes, if the student has
opted for it, he or she is eligible for appearing for the examinations
conducted by the Institute. Registration for each examination needs to be
done at least nine months before the month in which the examination is
held. The examinations are held in June and December every year.
Examinations are held at thirty-six centres.
Q6.What is the procedure for becoming a Company Secretary?
A6. It is as follows:
Pass 10+2 or equivalent examination Enrol with the institute for
foundation course Complete the compulsory postal coaching Pass the
foundation examination Register with the institute for intermediate
course. Graduates and those who have passed out of the Institute of Cost
and Works Accountancy or the Institute of Chartered Accountants of India
can enter straightaway at this level. Complete the compulsory postal
coaching for the intermediate course. ¨ Pass the intermediate examination.
Enrol for the final course ¨ Complete the compulsory postal coaching for
the final course. During this period the student is also required to
undergo management training or apprenticeship with a company recognised by
the Institute or with a recognised practising company Secretary. The
duration of the training may vary from 12 months to 24 months, depending
upon whether it is done on a full time or part time basis. Pass the final
examination. ¨ Undergo practical training for four months. Now a student
qualifies for membership of the Institute On admission as an Associate
member, he or she is entitled to use the descriptive letters "ACS" after
his name. Senior members in the profession are eligible for admission as
Fellow Members, and on admission as Fellow Members they are eligible to
use the descriptive letters "FCS" after their names.
Q7.What are the places where examinations are held?
A7.The Institute has
its headquarters at New Delhi and four regional offices of Calcutta,
Chennai, Delhi and Mumbai. The Institute has four Regional Councils and
under their jurisdiction there are thirty-six Chapters: Eastern Region:
Bhubaheshwar, Guwahati, Jamshedpur, Patna, Ranchi Northern Region:
Chandigarh, Faridabad, Ghaziabad, Jaipur, Kanpur, Ludhiana, Lucknow,
Modinagar, Noida (U P), Shimla, and Udaipur Southern Region: Bangalore,
Coimbatore, Cochin, Hyderabad, Madurai, Mangalore, Mysore, Pondicherry,
Tiruchirapalli, Thiruvananthapuram, and Vishakapatnam Western Region:
Ahmedabad, Bhopal, Dombivli, Goa, Indore, Nagpur, Pune, Surat, and
Vadodara. In addition the Institute has 16 Satellite Chapters, which are
located at Agra, Allahabad, Gurgaon, Jodhpur, Meerut, Beawar, Yamuna Nagar,
Varanasi, Bhilwara, Bareilly, Dharwad, Kottayam, Thrissur, Vijayawada,
Nasik, Raipur.
Q8.What are the prospects for employment ?
A8. Today's global
scene shows a focus on the development of the corporate sector. Growth
automatically translates into the involvement legalities of various kinds.
And this falls under the purview of a Company Secretary. Companies need
advice from a person with a thorough knowledge of all relevant laws. This
service is provided for by the Company Secretary. So the employment
potential in the corporate sector is very high. Openings are also
available in government sectors, in bodies like the Bureau of Public
Enterprises, government financial institutions and stock exchanges. Other
government openings are the Accounts branch of the Central Government Law
Services; the finance, law, accounts and merchant banking divisions of
nationalised banks. An option for the academically inclined is as lectures
in universities. A combination of experience and expertise can lead to
appointment at top level positions like chairman, directors and managing
director, in reputed organisations.
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