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Company Secretary in India

Who is a Company Secretary in India?

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:

Foundation programme
Executive programe
Professional programme.

Eligibility Criteria

Who can become a Company Secretary in India?

The following people can become Company Secretary in India:

Candidates who should have passed the 10+2 examination from any commerce can apply for admissions in the foundation program of the company secretary course.
Candidates with a graduation degree in any discipline can go for execution the program directly.
Candidates need to pass the executive level course for getting admissions in professional programs.

Roles and Responsibilities

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.

The Company Secretary has to ensure the compliance of the provisions of the various laws that apply to the Company.
The affairs of the Company are conducted in the manner that is specified in the Memorandum and the Articles of Association of the Company.
The CS has to conduct the Board Meetings, committee meetings, General meetings and also has to attend the same.
To carry out all the procedure that is relevant to allotment, transfer, and transmission, the buyback of the shares of the Company.
The CS has to conduct the Board meetings, committee meetings, general meetings and also attend the same.
To maintain a record of the minutes that are conducted.
To carry out the procedure relevant to the allotment, transfer, and transmission, buyback of the shares of the Company.
Keeping a record of the Company and maintaining the statutory registers as required by the Companies Act,2013.
Provide advice to the Board of Directors for their legal obligations
To be a representative of the Company in front of various regulators and Government departments.
To guide the Directors about the responsibilities and the duties.
To be a liaison between the stakeholders and the Company.
To perform duties that are assigned by the board.
To perform the acts that are prescribed under the various laws and apply to the company.

Which Companies are required to appoint a Company Secretary?

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:

Every listed Company
The Public Limited Company needs to have a paid-up share capital of ten crore rupees or more
The Private Limited Company having a paid-up share capital of ten crore rupees or more is required to have a full-time company secretary.

What are the benefits of hiring 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.

Opportunities for a Company Secretary

What are the opportunities for a Company secretary?

Employment in the Companies
Self Employed (Practice)
Financial Advisory Services
Employment in a Company Secretary Firm
Independent advisory capacity and the support for the procedure of licenses, registration, loans, taxes, partnership deed, etc.
Specialists in Finance, account, law, and merchant banking.
Organization where the affairs are conducted by the boards, councils and the other corporate structures
eg: Companies, cooperative societies, trusts, association, federation, commission, board, etc.

Scope of Company Secretary Course

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