The Institute of Company Secretaries of India (ICSI), through its President CS Pawan G. Chandak, has submitted a representation dated 16 July 2026 to the Secretary (Revenue), Department of Revenue, seeking amendment of Section 18 of the Foreign Exchange Management Act, 1999 and Section 12A of the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976, read with Section 184 of the Finance Act, 2017, to expressly include Company Secretaries in Practice as eligible for appointment as Members of the Appellate Tribunal for Foreign Exchange (ATFE). The representation notes the existing qualification that a Member should have held the rank of Additional Secretary to the Government of India or an equivalent or higher post for two years and performed judicial, quasi-judicial or adjudicating functions for three years. ICSI states that Company Secretaries in Practice possess multidisciplinary expertise in laws including FEMA, the Companies Act, competition law, GST and taxation, insolvency, valuation, environmental laws, arbitration and governance, and refers to Section 409(3)(d) of the Companies Act, 2013 recognising Company Secretaries as eligible to become Technical Members of the National Company Law Tribunal. It requests favourable consideration of the proposal.
Institute of Company Secretaries of India
CS Pawan G. Chandak
PRESIDENT
G&CL: ATFE: JUL26 | Dated: July 16, 2026
Shri Arvind Shrivastava
Secretary (Revenue)
Department of Revenue
Room No. 14102, Kartavya Bhawan – I
Ministry of Finance
Government of India
New Delhi – 110001
Respected Sir,
Subject: Request for Amendment to Section 18 of the Foreign Exchange Management Act, 1999 and Section 12A of the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 to expressly include Company Secretaries in Practice as eligible for Appointment as Members of Appellate Tribunal for Foreign Exchange (ATFE).
Greetings from the Institute of Company Secretaries of India!
The Institute of Company Secretaries of India (ICSI) is a premier professional body established under an Act of Parliament, namely the Company Secretaries Act, 1980. It functions under the jurisdiction of the Ministry of Corporate Affairs and is committed to regulating and developing the profession of Company Secretaries in India. With a strong national and global presence, ICSI caters to over 80,000 members and around 2,50,000 students.
The evolving regulatory realm in India demands professionals possessing interdisciplinary expertise in law, governance, compliance, finance, corporate regulation, stakeholder management and public policy. The profession of Company Secretaries has, over the years, emerged as a specialized governance professional uniquely positioned at the intersection of these di3cipline3.
ICSI Submission:
We wish to draw your kind attention to Section 18 of the Foreign Exchange Management Act, 1999 (“the Act”) and Section 12A of the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 read with Section 184 of the Finance Act, 2017 which prescribes the Qualifications, terms and conditions of service of Members of the Appellate, Tribunal for Foreign Exchange. The provision reads as under: —
“The Member of the Appellate Tribunal shall be a person not below the rank of Additional Secretary to the Government of India or any equivalent or higher post for two years and has performed judicial, quasi-judicial or adjudicating function for three years
Considering the statutory role and established expertise of Company Secretaries in Practice, the Institute respectfully requests for appointment of Company Secretaries in Practice eligible to be members of the Appellate Tribunal for Foreign Exchange (ATFE) in addition to the aforementioned criteria for appointment of members.
Justification:
The new corporate environment has made businesses more complex and these complexities have given rise to a number of disputes, thereby increasing the need for technically proficient professionals. Company Secretaries are multidisciplinary professionals having expertise in various laws, including the Companies Act, Capital & Securities Laws, FEMA, Competition Law, GST & Taxation, Insolvency, Valuation, Environment Laws, Consumer & Market Regulations, Infrastructure & Sectoral Laws, Telecommunication & Technology, IPR-related Laws, Industrial & Labour Laws, Arbitration, and Governance-related Laws. The role of Company Secretary is transforming at the global platform into that of a Governance Professional and practitioner of corporate governance. Their statutory expertise and professional training equip them with a deep understanding of legal and regulatory frameworks as well as practical experience in governance, compliance, corporate restructuring, dispute resolution, and stakeholder management.
Being well versed with forex laws and their implementation, Company Secretaries in Practice have sound and in-depth knowledge and a clear understanding of the applicable laws, including FEMA, as well as related laws such as anti-money laundering laws, laws applicable to offshore units, and international taxation.
It is pertinent to state that Section 409(3)(d) of the Companies Act, 2013 recognises Company Secretaries as eligible to become Technical Members in the National Company Law Tribunal. The continued emergence of Practising Company Secretaries as representatives before tribunals demonstrates that the profession has evolved into an integral pillar of India’s commercial justice system.
The inclusion of Company Secretaries in Practice would broaden the availability of competent professionals, facilitate timely regulatory compliance by authorised entities across the country, reduce compliance costs, and further the Government’s commitment towards Ease of Doing Business, while simultaneously strengthening regulatory oversight and corporate governance within the foreign trade and policy.
We would request your good self to consider the matter favourably and will be pleased to furnish any additional information or clarification required in this matter.
Thanking you,
Yours faithfully,
(CS Pawan G. Chandak)
President
The Institute of Company Secretaries of India
