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Amendments to the Company Secretaries Act, 1980 about Name Change

Written By Admin on Tuesday, 17 December 2013 | Tuesday, December 17, 2013

The Council in its meeting held on November 22, 2013 unanimously decided to approach  Central Government seeking the following amendments to the Company Secretaries Act, 1980 on priority:

a. While  the  name  of the  Institute  remains  ICSI,  its members  may  be  named  as governance professionals;

b. All consequential amendments (in relation to naming the members)  in the  Act as well as in other Acts such as Companies Act, Securities laws, FEMA, CCI Act, etc. may also be carried out;

c. Keeping  in view increasing  responsibilities  of company  secretaries  / governance professionals, the regulatory regime may be amended to provide for an adjudication panel, chief regulatory officer, and appeals on the lines envisaged by the Srikrishna Committee. The details under  this item may be  finalised by President and  Mr. Ahmad, Immediate Past President.

2. The Council, however, felt that since there were only eight members present in the meeting, the above decision may be taken up with Central Government only if another four members give positive consent so that the approval is with the support of substantial strength of the Council. It authorised President to seek consent of every member  who was not present  in the meeting and send a proposal to Central Government only after receiving consent of four more members. The Council also decided to place on its web site the communication made to Government in this regard.

3. President and Immediate Past President had several meetings to finalise the proposal for consideration of Central Government. However, both of them held the view that the change in the regulatory regime would require extensive consultation within the Cabinet, Government  and Parliament and hence  this may be taken up separately along with the recommendations of Justice  Srikrishna  Committee. To  meet  the  immediate need,  they decided to seek amendments only to change the nomenclature from company secretary to governance professional and incidental matters.

4. In  the  meantime  positive  consent  was  received  from  four  members   of  the  Council. Accordingly, President  has  sent  a  letter  dated  December  4, 2013  (Annexed) to  Central Government seeking amendments to the Company Secretaries Act, 1980. "

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