Company Secretary in India is one of the principal is the post in the company. The CS handles the legal aspects of the firm. A company secretary in India is responsible for completing the tax returns for the company, keeping records, advising the board of directors, and also ensuring that the company is complying with the legal and statutory regulations.
The Institute of Company Secretaries of India (ICSI) is the recognized professional body to develop and regulate the profession of the Company Secretaries. Training and education are provided by the ICSI to the aspiring Company Secretaries.
A Company Secretary is not just an employee of the Company, the CS can take the corporate to the pinnacle with the capabilities and expertise in corporate law. The Company Secretary has to handles all the laws like the Labour laws, Taxation laws, banking laws, other laws that a company has to comply with.
To practice company secretaryship the individual has to complete three levels of training and examination that are set by the ICSI. A three-level CS program is conducted by the Institute of Company Secretaries of India. On the completion of the course, the candidate is issued the certificates. The three levels of the CS program offered by the ICSI are:
The following people can become Company Secretary in India:
According to Section 203 of the Companies Act,2013 the Company secretary is designated as the key managerial personnel of the Company. The Company Secretary will also be a part of the Management team.
As per Section 203 of the Companies Act, a company secretary is a manager of the key personnel. The Companies mentioned below need to appoint a Company Secretary:
With a Company Secretary, a company can focus on daily operations and also help improve the efficiency of the organization. The CS plays the role of an advisor, lowering the relevant costs and also provide guidance to the organization for compliance and legal issues.
Assurance: The Company secretary files all the legalities and the compliance issues like the internal functioning of the Company. They provide assurance that all the problems will be recorded and arranged perfectly, enabling the company to run smoothly.
Advisory role: This is the main function of the company secretary to act as an advisor for the matters of compliances and also improve the internal and the external workings of the Company.
Tasks Completion: The Company Secretary ensures the timely completion of the statutory filings. A small fault in the filing can have severe consequences like additional fees, penalties, prosecution.
Cost-efficient: When an in-house company secretary is hired then the CS has to be provided with the staff benefits and also the training sessions. With the CS a substantial amount of money and non-monetary resources can be used for other business purposes.
Appointing a Company Secretary is the most helpful in mitigating the redundancies of errors. The regular benefits are also added with the continuous changes through the amendments that are related to finance and the Company law.
The minimum duration of the executive programme is 10 months, according to the regulations of the institutions but it can be extended as per the institutions. The examinations are held twice a year and the dates are the same usually. A candidate can opt for the Company Secretary course after he is done with the foundation programme or he can directly take admission after complete graduation.
The subjects include Company Law, Cost and Management Accounting, Company Accounts and Auditing Practices, capital markets, and securities law.
The Professional programme is at the third level. The minimum duration is for 10 months but it can be extended.
Last updated: Aug 24, 2021