MINISTRY OF CORPORATE AFFAIRS

(THE INSTITUTE OF COMPANY SECRETARIES OF INDIA)

(Constituted under the Company Secretaries Act, 1980)

NOTIFICATION

New Delhi, the 29th December, 2012

No. 710/1(M)/1.—The following draft of certain regulations, further to amend the Company Secretaries Regulations, 1982 which the Council of the Institute of Company Secretaries of India proposes to make, in exercise of the powers conferred by sub-section (1) of section 39 of the Company Secretaries Act, 1980 (56 of 1980), and with the prior approval of the Central Government, is hereby published, as required by sub section (3) of section 39 of the said Act for information of all persons likely to be affected thereby and notice is hereby given that the said draft will be taken into consideration after the expiry of the period of forty five days from the date on which copies of the Official Gazette containing this notification are made available to the public.

Any person desiring to make any objection or suggestion in respect of the said draft regulations, may forward the same for consideration by the Council of the Institute within the period so specified above to the Secretary, the Institute of Company Secretaries of India, ICS1 House, 22, Institutional Area, Lodi Road, New Delhi 110 003.

Any objection or suggestion, which may be received from any person with respect to the said draft regulations before the expiry of the period so specified, will be considered by the Council.

DRAFT REGULATIONS

1. (1) These regulations may be called the Company Secretaries (Amendment) Regulations, 2012.

(2) They shall come into force on the date of their final publication in the Official Gazette.

2. In the Company Secretaries Regulations, 1982 (hereinafter referred to as the principal regulations),-

(i) in regulation 40, for clause (bb), the following clause shall be substituted, namely: –

“(bb) is a student registered for the Executive Programme on or after the 1st September, 2009 and successfully completes the Student Induction Programme within a period of six months of his registration either on regular basis or online for such number of days or hours and in such manner as may be provided by the Council from time to time or may be exempted therefrom.” ;

(ii) for regulation 47, the following regulation shall be substituted, namely: –

“47 Practical experience or training

A candidate who has passed the final examination or Professional Programme Examination of the Institute shall be required to possess the practical experience or to undergo the practical training or to have the experience and training or may be exempted therefrom as specified in this Chapter for becoming eligible to Associate Membership of the Institute.”;

(iii) in regulation 48;-

(A) in clause (a), for sub-clause (i) the following sub-clause (i) shall be substituted namely, –

“(i) one year experience as an Assistant or Deputy Company Secretary or any other post equivalent or higher thereto in the Secretarial Department or two years’ experience as a Secretarial Officer or Executive or three years’ experience as an Assistant in the Secretarial Department in any company or body corporate having a paid-up share capital and reserves of not less than fifty lakhs rupees or any organisation having gross fixed assets of not less than one crore rupees including any public sector undertaking, autonomous or statutory body, financial institution or bank which in the opinion of the Council provides scope for acquiring sufficient professional experience;”;

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(B) for sub-clause (iii), the following shall be substituted, namely: –

“(iii) two years’ experience of continuous practice on a whole-time basis as a Chartered Accountant or Cost Accountant having carried out statutory or cost or Internal audit or providing management  consultancy services or two years’ experience of continuous practice as an Advocate in a High Court having rendered services as Counsel or Advisor to a Company having paid-up share capital and reserves of not less than fifty lakhs rupees or any organisation having gross fixed assets of not less than one crore rupees including any public sector undertaking, autonomous or statutory body, financial institution or bank which in the opinion of the Council provides scope for acquiring sufficient professional experience;

(iiia) having such professional qualification as may be approved by the Council from time to time with two years’ experience in a law firm or management consultancy firm or Chartered Accountant firm or Cost Accountant firm having a standing of at least ten years and gross fixed assets minimum of ten lakhs rupees or such standing or assets as may be approved by the Council from time to time.’

(C) for sub-clause (iv), the following sub-clause shall be substituted, namely: –

“(iv) two years’ experience as an Executive or three years’ experience as an Assistant in the secretarial, administration, accounts, finance, personnel or legal department in any company or body corporate having a paid-up share capital and reserves of not less than fifty lakhs rupees or any organisation having fixed assets of not less than one crore rupees including Central or State Government, any Public Sector Undertaking, autonomous or statutory body, financial institution, banking or insurance company which in” the opinion of the Council provides scope for acquiring sufficient professional experience;”;

(D) in sub-clause (v) for the words, “have acquired” the words, “has acquired” shall be substituted;

(E) after sub-clause (v), the following sub-clause (vi) shall be inserted, namely: –

“(vi) being a fellow member of any professional Institute or having qualification equivalent to Company Secretary as may be approved by the Council and having working experience of five years;”;

(F’) in clause (b), for the words, “fifteen months” the words, “twenty four months” shall he substituted;

(G) in clause (c), for the words, “fifteen months” the words, “twenty four months” shall be substituted;

(H) for clause (d), the following clause shall be substituted, namely: –

“(d) A candidate registered for Executive Programme on or after lst September, 2009 and is required to undergo training under clause (b) or (c) or regulation 49A shall complete the Executive Development Programme and Professional Development Programme either on regular basis or online for such number of days or hours and in such manner as may be approved by the Council or exempted therefrom.”;

(iv) after regulation 49, the following regulation shall be inserted, namely: –

“49A Alternate training for thirty six months on enrolment for Executive Programme

A candidate who has passed the Foundation Programme Examination of the Institute or is exempted therefrom and enrolled for Executive Programme may commence his training immediately at his option for a period of thirty six months with prior approval of the Institute under a Company Secretary in practice or a firm of such Company Secretaries registered with the Institute and recognised for this purpose by the Council in lieu of twenty four months training specified in. regulation 48.”;

(v) for regulation 50, the following regulation shall be substituted, namely: –

“50 Compulsory Practical Training

(a) Every candidate passing the final examination or Professional Programme Examination of the Institute in addition to acquiring qualification and practical experience as specified in sub-clauses (iii), (iiia), (iv) and (vi) of regulation 48 shall be required to undergo compulsory practical training for a total period of month or for such period as may be decided by the Council from time to time in Secretarial Department including shares or legal as the case may be in a public limited company or body corporate having a paid-up share capital of not less than fifty lakhs rupees as approved by the Council or under a Company Secretary in practice or in a firm of such Company Secretaries as approved by the Council.

“(b) After passing the final examination or Professional Programme examination and completion of training requirements or exemption thereof, the candidate shall complete Management Skills Orientation Programme either on regular basis or online either three weeks non¬residential or two weeks residential, which comprises of Advanced Soft Skills Training and Advanced Technical Training for such period and in such manner and of such contents as may be provided by the Council;

Provided that the Council may on an application made in this behalf by the candidate exempt him from undergoing Management Skills Orientation Programme if the Council is satisfied that the candidate has already undergone the training prescribed by such professional institutions, in India or abroad, as may be recognised by the Council in this behalf on reciprocal basis.”;

(vi) for regulation 51, the following regulations shall be substituted, namely: –

“51 Exemption from undergoing Management Skills Orientation Programme

A candidate may be exempted from undergoing Advanced Soft Skills Training of Management Skills Orientation Programme for experience as specified in sub clauses (i), (ii), (iiia), (iv) and (vi) of clause (a) of regulation 48.

51A Full exemption from Training including Management Skills Orientation Programme

A candidate may be exempted on an application made in this behalf by the candidate to the Council from undergoing training as specified in clause (b) and (c) of regulation 48 or regulation 49A including Management Skills Orientation Programme, if the Council is satisfied that the candidate has passed the final examination or Professional Programme examination of the Institute and occupying position such as Chief Executive Officer, Managing Director, Chairman or other position as deemed equivalent or higher thereto by the Council for a period of ten years in a body corporate having paid up share capital of ten crore rupees or a listed company or any other institution or organisation as may be approved by the Council from time to time or any officer of the Central or StateCrovernment not below the rank of Director or Commissioner or equivalent position as may be approved by the Council.”;

(vii) regulation 52 shall be omitted.

(viii) in regulation 53, for the expression “regulations 48, 51 and 52”, the expression “regulations 48, 49A, 50, 51 and 51A” shall be substituted.

N. K. JAIN, Secy. & CEO

[ADVT. III/4/121/12/Exty.1]

Note: The principal regulations were published in the Gazette • of India vide Notification ICSI No. 710/2/(1), Extra Ordinary, Part III, Section IV of Serial No.9 dated the 16th September, 1982 and subsequently amended vide:

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