In preparation for the CS exam, students study the basics of business law. But in the executive phase, the subject is introduced to familiarize students with the various laws of economics and commerce. Knowledge of legal regulations is not only important for CS students to pass exams, but also to understand the economic development of the country. Law and economics cannot be separated from each other.
The legal community has the primary responsibility to understand the legal framework from all angles so that it can contribute to the economic development of the country.
The main task of the company secretary is to act as an employee in accordance with the needs of the company. Given the importance of this subject for every professional student, this subject is one of the most important subjects in the CS Executive Examination. This is the seventh subject of CS Executive Module 2. As we know that CS Executive is the second stage of the professional course of Company Secretary. The main objective of the executive phase is to impart skills and competencies to students who have completed the executive program.
The reason for incorporating this important topic into the curriculum is to provide students with a hands-on understanding of these important financial concepts in terms of the provision and application of business and economic law, as well as the implications of working with different companies while doing business and on the country’s economy.
Check the subject
The topic is divided into three parts, namely economic, business and commercial law. Part I deals with Foreign Exchange Management &NBFCs, part II with competition law, and part III with business and trade law.
Purpose of introducing this topic into the CS Executive course:
Since understanding Economic, Business and Commercial Laws is a key area of company secretary, it is imperative for professionals to have a full understanding of various laws and regulations, both in practice and in managing the board of directors and laws that are directly relevant to the functioning of the company. We must also remember that understanding some of the underlying economic, trade and business laws has a direct bearing on the conduct of a company’s affairs.
Economic, commercial and commercial law is inherently complex and is constantly being enhanced by new major laws, regulations and court decisions on specific legal issues. Therefore, every student needs to be informed about various legislative changes as well as court decisions issued from time to time referring to institute magazines and e-newsletters, as well as other legal/professional journals.
Understanding subject fundamentals –
First and foremost, students must understand the basic provisions of all relevant laws, rules and regulations in the subject.
Understanding subject requirements –
First of all, students must understand the report and subject requirements. You need to understand the roles and responsibilities of a company secretary as they will handle all kinds of different situations mentioned in different laws viz. understand the practical application of written law.
Dynamic Subject –
At the same time, students should remember that it is not a static subject like bills or expenses, but contains many dynamic elements as the rules change over time.
Analytical Skills Required –
It is important that students focus more on analytical skills than theoretical concepts. Legal cases must be well understood and relate to practical business issues.
By referring to recent case studies posted on the SEBI website during exam preparation, students should refer to relevant and important current examples of current events within and around the company.
Regular Updates –
Find out about all circulars, clarifications, notifications, etc. relevant MCA, SEBI, court statements, regulations, etc. at least six months before the date of the respective exam.
The focus of the course –
Last but not least, students must know the basics and important provisions, changes to laws, powers, features and functions of statutory provisions, especially before the exam.
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