30,000 company secretaries are registered with ICSI: Anil Murarka

Anil Murarka, president of the Institute of Company Secretaries of India (ICSI) since January 19, 2011, is a commerce and law graduate. He was the vice-president of the ICSI in 2010. Murarka is a practising company secretary (CS) for the last 19 years. Presently, he is the chairman of all the standing committees of the council of the institute. Murarka speaks to Kiran Dahitule about the importance of CS in today’s world.

What is the importance of company secretaries in today’s scenario?
With a lot of new companies being established, the demand for company secretaries is growing. The awareness about this course has increased, but still some people are unaware about the lucrative career options available. We need more people to join this profession. There are about 30,000 company secretaries registered with ICSI, but only 21,000 are employable and 10,000 have been licensed for self-employment.

There is a huge gap between the demand and supply, thus there is a bright chance for the new breed of company secretaries who would pass the course in near future. Secondly, the syllabus is in the process of being revised, which will help the students to prepare smartly and cater to the new demands of the market. The new course will make candidates industry ready after
passing the exams.

What are the career aspects and roles of CS in the industry?
The major contribution of company secretary is in the corporate sector. A CS is also an important professional aiding the efficient management of a firm. A CS is designated as an officer under the Companies Act, 1956, and has to interact, co-ordinate, integrate and co-operate with various other functional heads in a company. A member of the ICSI may also practise independently as a professional after obtaining a certificate of practice as provided in the Company Secretaries Act, 1980.

Thus, there are two areas in the career — full-time employment and practice. As per the Companies Act 1956, if a firm has more than Rs5 crore of paid up share capital, it is mandatory to appoint a full-time company secretary. If a firm has a paid up capital of Rs10 lakh and more but less than Rs5 crore then it has to file a compliance certificate, obtained from a practising company secretary, with the registrar of companies.

How does the membership with ICSI make a difference to the
people who are CS?
The membership of ICSI has been recognised for appointment to various superior posts and services under the central government. The affairs of the ICSI are managed by a council consisting of fifteen elected members and five nominees of the central government.

Pursuant to section 383A of the Companies Act, 1956; companies having a paid-up share capital of
Rs5 crore or more as prescribed by the central government are statutorily required to appoint a full-time company secretary.