Career as a Company Secretary

Practical Experience and Training

After passing all the examinations, the student has to undergo the practical training for 15 months in a company empanelled under the Institute or under a Practicing Company Secretary empanelled under the Institute for the same period. In addition to it, practical training for a period of three months is to be attended by the candidate. Lastly, the candidate has to attend the Secretarial Modular Training Programme (SMTP) of 15 days organised by the Regional Councils before he is enrolled as an Associate Member of the Institute.

Career opportunities as Company Secretary

As stated in the beginning, the profession of Company Secretaries is in its growth phase. The career as Company Secretaries can be divided into two divisions: Career in employment and Career in Practice.

Career in Employment

1. As per Section 383A of the Companies Act, 1956, all companies having paid up capital of Rs. 2 Crores and above have to compulsorily appoint a whole-time Company Secretary. The only qualification for being appointed as the Company Secretary is the membership of the ICSI. Again, all companies whose shares are listed in stock exchanges have to appoint whole-time Company Secretary as the Compliance Officer. Due to tremendous increase in set up of new companies in India, the employment prospect for the Company Secretaries is very bright.
2. The Qualification is recognised by the Government of India for appointment in higher level posts. This is one of the qualifications for recruitment in the Indian Company Law Service, an organised Group-A service.
3. Apart from companies, there is a growing need for the professionals like Company Secretaries in organisations which is run by boards, councils or other corporate structures. Many big co-operative firms are hiring the Company Secretaries.
4. Those who have academic bent of mind may pursue the career in research. As many as 45 universities recognise the qualification of Company Secretaryship for pursuing PhD. Some universities even recognise the Company Secretaries in respect of recruitment of lecturers of Commerce Faculty.
5. Professional organisations, financial institutions, banks, etc are recruiting Company Secretaries for different senior posts.

Career in Practice

After obtaining the Certificate of Practice from the Institute, practice may be set up. A lot of recognition has been granted to the Company Secretaries for providing services.

Some of these are as below:

1. Company Law is the gospel of the Company Secretaries. As per Section 383A of the Companies Act, 1956 all companies having paid up share capital of Rs. 2 Crores and above are to appoint whole time Company Secretaries. Those companies which have paid up capital less than Rs. 2 Crores are to furnish a compliance certificate from Company Secretary in Practice. This has opened a flood gate of opportunities.

Recognition has been granted to the Practicing Company Secretaries in respect of the following matters:

• Making declaration in Form 1 at the time of formation of company;
• Signing Annual Return for the Listed Companies;
• Certification for compliance to Schedule XIII in respect of managerial remuneration;
• Pre-certification of all forms for e-filing;
• Acting as Authorised Representative before the Company Law Board;
• Acting as Authorised Representative before the Securities Appellate Tribunal;
• Acting as the Internal Auditor of Depository Participants;

2. Under tax laws, recognition has been given to Practicing Company Secretaries to appear before the tribunals constituted under the Income Tax Act, 1961, Central Excise Act/Customs Act, Value Added Tax Act of almost all the States, etc. They can be appointed as valuers of securities under Wealth Tax Act, 1956. There is ample opportunity to practice as tax consultants.

3. Nowadays, banks and financial institutions are relying upon the secretarial audit of the assisted units before credit is extended. Company Secretaries in Practice are hired for professional assignments for preparing search reports/compliance reports of the assisted units. Scope in this respect is growing by leaps and bounds.

4. Members in Practice can set up Facilitation Centre for e-filing of tax returns, MCA21 returns. Due to his professional standing he is to gain from this type of venture. He can take up the job of tax administration of enterprises on retainer basis.

5. For Senior Members in the profession, the scope is continuously increasing. Practicing Members with at least 15 years experience may compete for the posts of Member of Company Law Board/proposed National Company Law Tribunal or National Company Law Appellate Tribunal. Again, Members having extensive experience in handling complicated legal cases have the opportunity for being empanelled as arbitrators under the institutionalized system of arbitration. Due to the inherent superiority of the Alternate Dispute Settlement System, the opportunities in the field of arbitration/conciliation are continuously growing.

6.There is trend in globalization of the professional services. Gone are the days when professionals were completely satisfied with the niche strategies. In this age of globalization coupled with competition, the Members of the profession may form mega firms with the other professionals and undertake big projects.

7.Lastly, the practicing area is expanding each day with the advent of new legislation. The society places reliance on the services of the Company Secretaries. With this as and invaluable asset the profession is sure to grow.

Aspiring candidates can contact the Regional Councils at the addressees given below for further information. Detailed information may also be accessed through the website: www.icsi.edu

Headquarters:

Career as a Company Secretary