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):
Decisions from the 300th (Special) Council Meeting (24th August, 2023):
Decisions from the 301st Council Meeting (06th September, 2023):
These decisions reflect ICSI’s commitment to promoting professional excellence and staying at the forefront of regulatory changes and educational advancements.
THE INSTITUTE OF
Company Secretaries of India
IN PURSUIT OF PROFESSIONAL EXCELLENCE
Statutory body under an Act of Parliament
ICSI/ID/06/2023 Dated: 21st September, 2023
(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.
(Taken by the Council of the ICSI in its 300th (Special) Meeting held on 24th 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.
(Taken by the Council of the ICSI in its 301st Meeting held on 06th 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 26th 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.