ICSI Council Decisions: Fee Concessions, Amendments, and More

Introduction: The Institute of Company Secretaries of India (ICSI), a statutory body under an Act of Parliament, has recently announced a series of important decisions taken by its Council in various meetings held in August and September 2023. These decisions encompass a wide range of topics, including fee concessions, amendments, approvals, and more.

Decisions from the 299th Council Meeting (23rd August, 2023):

• Fee Concessions: The Council has approved a 100% fee concession at the time of registration in the CS Executive Programme for specific categories, including wards and widows of martyrs, in-service/retired personnel, and candidates inducted under the “Agniveer” scheme by the Government of India.
• Amendments: Several amendments have been made to the list of mandatory services that Company Secretaries in Practice are required to communicate to the previous incumbent. This includes removing various assignments from the list, such as conducting internal audits, issuance of audit reports, and more.
• UDIN Guidelines: Approval has been granted for the amendment of the ICSI Unique Document Identification Number (UDIN) Guidelines, 2019, indicating a commitment to enhance document security and authenticity.
• Publication Revision: The ICSI publication “Guidance Note on Annual Secretarial Compliance Report” by the Auditing Standards Board of the Institute has been revised, ensuring up-to-date guidance for professionals.

Decisions from the 300th (Special) Council Meeting (24th August, 2023):

• Examination Center: The Council has approved the opening of a new examination center in Muzaffarpur, Bihar, expanding accessibility for aspiring Company Secretaries.
• National Research Conference: Approval has been granted for conducting a National Research Conference in collaboration with NALSAR University of Law, Hyderabad, fostering knowledge exchange and research in the field.
• Office Establishment: The Council has given the green light for the establishment of an office at Bandra Kurla Complex, Mumbai, and another office at Gujarat International Finance Tec-City Company Limited, Gujarat, furthering the Institute’s outreach and services.

Decisions from the 301st Council Meeting (06th September, 2023):

• Regulatory Amendments: The Council has considered objections and suggestions regarding proposed amendments to the Company Secretaries Regulations, 1982, in response to the Amendment Act of 2022. These amendments will be submitted to the Ministry of Corporate Affairs.
• LLP Registration: Revised eligibility criteria for the registration of Limited Liability Partnerships (LLP) under GIFT City for imparting training to CS students have been approved.
• Guidelines and Policies: The Council has approved consolidated guidelines for Company Secretaries in Practice and revised policies and guidelines for the infrastructure of ICSI.

These decisions reflect ICSI’s commitment to promoting professional excellence and staying at the forefront of regulatory changes and educational advancements.

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THE INSTITUTE OF
Company Secretaries of India
IN PURSUIT OF PROFESSIONAL EXCELLENCE
Statutory body under an Act of Parliament

ICSI/ID/06/2023 Dated: 21^st September, 2023

IMPORTANT DECISIONS
(Taken by the Council of the ICSI in its 299th Meeting held on 23rd August, 2023)

1. Approved 100% concession in fee payable at the time of Registration in CS Executive Programme to (i) Wards and Widows of martyrs (ii) In Service/ Retired personnel including wards of Indian Army, Indian Air Force, Indian Navy and all para military forces (including defence personnel who have taken retirement under short service commission) and (iii) Candidates who are inducted as “Agniveer” under AGNEEPATH Scheme of the Government of India after completing four years under the Scheme.

2. Approved the amendments in the list of mandatory services wherein a Company Secretary in Practice is required to communicate to the previous incumbent before accepting the assignment in terms of Clause (8) of Part I of the First Schedule to The Company Secretaries Act, 1980 by removing the following from the list of assignments:

– Conduct of Internal Audit of Operations of the Depository Participants registered with NSDL 0 CDSL under the provisions of the Depositories Act, 1996 read with SEBI (Depositories and Participants) Regulations, 1996.

– Certificate of Reconciliation of Share Capital Audit Vide Circular No. D 0 CC/FITTC/CIR-16/2002 Dated December 31st 2002 (Amended Vide Circular No. CIR/MRD/DP/30/2010 Dated 06-09-2010) Issued by SEBI.

– Issuance of Audit Report as provided under Regulation 76 the SEBI (Depositories and Participants) Regulations, 2018, by the unlisted public companies, to be submitted on a half-yearly basis to the ROC, under whose jurisdiction the registered office of the company is situated, under the provisions of the Rule 9A(8) of the Companies (Prospectus 0 Allotment of Securities) Rules, 2014.

– Diligence Reporting for Banks in case of multiple banking/consortium lending arrangements in terms of the circular issued by RBI.

– Conduct of Internal Audit of Depositary Participants.

– Conduct of Internal Audit of stock brokers/sub brokers under SCRA, 1956 and Rules and Regulations made there under

3. Accorded approval for amendment in the ICSI Unique Document Identification Number (UDIN) Guidelines, 2019.

4. Accorded approval for the revision of the ICSI publication – ‘Guidance Note on Annual Secretarial Compliance Report’ by the Auditing Standards Board of the Institute.

IMPORTANT DECISIONS

(Taken by the Council of the ICSI in its 300^th (Special) Meeting held on 24^th August, 2023)

1. Accorded approval for opening of new examination centre at Muzaffarpur, Bihar.

2. Accorded approval for conducting National Research Conference jointly with NALSAR University of Law, Hyderabad.

3. Accorded approval for establishment of office at Bandra Kurla Complex, Mumbai under the Directorate of Perspective Planning & Financial Services of the ICSI.

4. Accorded approval for establishment of office at Gujarat International Finance Tec-City Company Limited, Gujarat, under the Directorate of Perspective Planning & Financial Services of the ICSI.

IMPORTANT DECISIONS

(Taken by the Council of the ICSI in its 301^st Meeting held on 06^th September, 2023)

1. Considered and deliberated on the objections/suggestions received on proposed amendments to the Company Secretaries Regulations, 1982 for submission to the Ministry of Corporate Affairs, consequent upon Amendment in the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Act, 2022, as notified on 26^th July, 2023.

2. Approved the revised eligibility criteria for registration of LLP (under GIFT City) for imparting training to CS students.

3. Approved the Consolidated Guidelines pertaining to Company Secretaries in Practice, to be effective from the date of Release.

4. Approved the Revised ‘Policy and Guidelines for Infrastructure of ICSI’, to be effective from the date of Release.

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