The Institute of Company Secretaries of India (ICSI) is statutory professional body constituted under the Company Secretaries Act, 1980 (Act No. 56 of 1980) passed by the Parliament of India. ICSI is the only recognized professional body to develop and regulate the profession of Company Secretaries in India. The Institute of Company Secretaries of India awards the certificate bestowing the designation of Company Secretary (CS) to a candidate qualifying for the membership of the Institute. ICSI has its headquarters at New Delhi and four regional offices at New Delhi, Chennai, Kolkata and Mumbai.
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It was in 1960 that the Company Law Board started a course in Company Secretaryship leading to the award of Government Diploma in Company Secretaryship. As the number of students taking up the Company Secretaryship course grew, the Government promoted on 4 October 1968, Institute of Company Secretaries of India under Section 25 of the Companies Act, 1956 for taking over from the Government the conduct of Company Secretaryship examination. The Institute of Company Secretaries of India (ICSI) has since been converted into a statutory body w.e.f. 1.1.1981 under the Company Secretaries Act, 1980. According to ICSI's Annual Report for 2009-10, ICSI had 16,613 Associates and 5,226 Fellow Members aggregating to 21,839 Members on the Register of Members as on 31 March 2010. Out of these, 3,576 Members were holding Certificate of Practice as on March 31, 2010. According to the Annul Report, the number of current students is over 200,000 including 111,292 students registered for Executive Programme and 64,297 students registered for Foundation Programme.
Membership of ICSI has been recognized for appointment to various superior posts and services under the Central Government. The affairs of the ICSI are managed by a Council consisting of fifteen elected members and five nominees of the Central Government. Pursuant to section 383A of the Companies Act, 1956, companies having a paid-up share capital of Rs 5 crore or more, as prescribed by the Central Government, are statutorily required to appoint a whole-time Company Secretary.
The major contribution of Company Secretary (CS) is in corporate sector. Company Secretary (CS) is an important professional aiding the efficient management of the corporate sector. Company Secretary (CS) is designated as an officer under the Companies Act. Company Secretary (CS) has to interact, coordinate, integrate and cooperate with various other functional heads in a company. A member of the ICSI may also practise independently as a professional after obtaining a certificate of practice as provided in the Company Secretaries Act, 1980.
Thus there are two areas in the career viz. in whole time employment and whole time practice.
As per the Companies Act 1956, if the company is having more than Rs. 5 Crore of paid up share capital, it is mandatory to appoint a full time Company Secretary, and if company has a paid up capital of Rs. 10 lakhs and more but less than Rs. 5 Crore, it has to file with Registrar of Companies a compliance certificate from a Practising Company Secretary.
The institute has mutual recognition agreements with ICWAI and ICSA
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