CHENNAI: The economy is booming with about 9,20,000 companies registered on the stock exchange. And, with the Company Secretaryship Act 2013, 20 to 30 companies registering on a daily basis need a company secretary to help with policy implementation and audits as mandated by the act, said CS R Sridharan, president, Institute of Company Secretaries of India (ICSI) here on Monday.
Speaking at the Convocation of the Institute of Company Secretaries of India (ICSI) SIRC, Sridharan said that the economy was growing at a fast rate. He added that the Company Secretary Act 2013 enabled the creation of Company secretaries at both Key Managerial Positions (KMP) and advisory roles in the function of corporate and public firms.
Calling for the need for continuous search of knowledge among the newly inducted members of the ICSI-SIRC, Sridharan added that the sphere of company secretaryship is widely expanding and more allied sectors were being added to the gamut of the role of a company secretary.
He added that one must look to diversify their area of focus on related subjects to expand one’s horizons in the longer run.
He said that the secretarial audit for all non financial companies had grown in the last year, with the Central Government looking to ensure policy and implementation compliance at various levels of corporate management.
Some corporates have envisaged a few problems in certain regions of the Company Act — pertaining to exemptions, related party transactions and investment in subsidies which is likely to be looked into during the coming parliament session.At present, ICSI has over 40,000 registered company secretaries in their ranks with four facilities across South India, besides regional study circles.