Introduction: The Institute of Company Secretaries of India (ICSI) is dedicated to achieving professional excellence. As a statutory body under an Act of Parliament, it operates under the jurisdiction of the Ministry of Corporate Affairs.
Detailed Analysis: ICSI, through its recent announcement (ICSI/TRG/2023 dated 08.11.2023), has set forth eligibility criteria for the registration of Limited Liability Partnerships (LLPs) under GIFT City. The focus is on imparting long-term training to Company Secretary (CS) students.
1. Eligibility Criteria: Any LLP with an office in GIFT City or other designated centers, as notified by Central/State Governments for international operations, is eligible. The LLP must have at least one partner who is a Member of ICSI and a net worth of not less than Rs 50 lakhs.
2. Registration Process: LLPs meeting the criteria must submit a request to ICSI through the STIMULATE Portal. The submission should include a request letter from the LLP, certified financial statements confirming the financial criteria, and proof of registration under GIFT City.
3. Maximum Trainees per LLP: The maximum number of trainees per LLP, operating from GIFT City or other eligible locations, should not exceed five at a given location.
4. Change of Address: If a registered LLP shifts from GIFT City to another city, the LLP is solely responsible for informing ICSI about the change in address.
5. Transitional Trainees: If trainees are undergoing training during the LLP’s shift from GIFT City to another city, the training must continue until completion. However, the LLP becomes ineligible for taking further fresh trainees under the GIFT City clause.
Conclusion: ICSI’s proactive approach in defining eligibility criteria for LLPs in GIFT City showcases its commitment to quality training for CS students. This move ensures that the LLPs involved maintain financial stability and adhere to specified standards. Aspiring CS professionals and LLPs seeking collaboration can now navigate the process with clarity, fostering a more robust and efficient training ecosystem.
THE INSTITUTE OF Company Secretaries of India
IN PURSUIT OF PROFESSIONAL EXCELLENCE
Statutory body under an Act of Parliament
(Under the jurisdiction of Ministry of Corporate Affairs)
Eligibility criteria for registration of LLP under GIFT City for imparting long term training to CS students
The Council of the Institute has approved the following eligibility criteria for registration of LLP under GIFT City for the purpose of imparting long- term training.
1. Any LLP having its office (including Branch office/Registered office/Headquarters/KPO/BPO) in GIFT City or any other centres to be notified by Central / State Governments where exclusive zones are created for setting up International operations and having at least one partner as Member of the ICSI and having net worth/capital contribution/turnover of not less than Rs 50 lakhs, will be eligible to take CS trainees on their roll.
2. Such LLP, for the purpose of registration for imparting training to CS students, be required to submit a request to the Institute by uploading the following documents through STIMULATE Portal, viz-
(a) A request letter from the LLP on its letter head duly signed 86 stamped confirming the details of partner (i.e., Member of the Institute)
(b) Certified Financial Statements of LLP confirming the net worth/capital contribution/turnover of not less than Rupees 50 lakhs
(c) Documentary proof confirming that the said LLP is registered under GIFT City.
3. The maximum number of trainees per LLP (having offices operating out of GIFT City or such other eligible locations) not be more than five at such location.
4. In case the registered LLP shifts from GIFT City to another city, it shall be the sole responsibility of the LLP to inform the Institute about the change in address.
5. In case, some trainees are undergoing training during the shifting of the registered LLP from GIFT City to another city, such trainee shall continue till the completion of training or as the case may be; and that such LLP shall not be eligible for taking any further fresh trainees under the GIFT City clause.