CAPITAL MARKETS WEEK

The Institute of Company Secretaries of India (ICSI) observes

Published On: 2015-06-04

June 04,2015-​As part of its initiative towards creating awareness amongst investors and to promote good governance         in Capital Markets,The Institute of Company Secretaries of India (ICSI) observed ICSI CAPITAL MARKETS WEEK on the Theme Capital Markets- The Engine for Economic Growth from May 25-31, 2015 across the Country. A culminating Program in this series was held at Mumbai today.


Shri Ashish Kumar Chauhan, MD & CEO,BSE Ltd graced the occasion as the Chief guest.He congratulated ICSI for organizing the CAPITAL MARKETS WEEK ,and being actively engaged in promoting the interest of the Investors and         the orderly development of the Capital Markets in India.He  also informed that ,The Ministry of Corporate Affairs has accorded its approval to the Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings   (SS-2) specified by the Institute of Company Secretaries of India (ICSI).

 

Section 118(10) of the Companies Act, 2013 mandates companies to observe Secretarial Standards with respect                  to General and Board Meetings specified as such by the Institute of Company Secretaries of India. Secretarial Standards apply to all companies. One Person Companies are excluded, he explained.


“It is a historical moment for the Institute as The Institute of Company Secretaries of India is first institution to issue SECRETARIAL STANDARDS anywhere in the world and that will be effective July 1,2015 and around 8 lakh companies in India  will have to comply with these Secretarial Standards to be fully compliant under Companies Act 2013.Secretarial Standards will create enormous confidence in minds of investors particularly fund managers and overseas investors as these investors are very much concerned about good governance practices and sound procedures. 

 

Consequently, this will lead to more flow of capital into India, new projects, more modernization and expansion,”             added President, ICSI.


He also highlighted the Secretarial Audit and  said that, the Companies Act, 2013 mandates every listed company  and public companies with paid up capital exceeding Rs.50 crore or turnover exceeding Rs.250 crore to annex with its Board’s report made in terms of sub-section (3) of section 134, a Secretarial Audit report, given by a company secretary in practice.


Secretarial Audit provides comfort to the Non-executive / Independent Directors that appropriate mechanisms and processes are in place to ensure compliance with laws applicable to the company, thus mitigating any risk from a   regulatory or governance perspective, he informed.


CS Ashish Garg,Council Member,The ICSI, and Programme Director,in his welcome address welcomed all the delegates and introduced  the theme of Capital Markets week. He spoke on the role played by Capital Markets in maintaining a sound economy of a nation.


CS Makarand Lele,Council member, the ICSI and Chairman,Financial Services Committee, at the outset complimented           the members for turning out in large numbers on the culmination day of Capital Markets week at Mumbai. He said the           role of Company Secretaries in the field of Capital Markets cannot be ignored or under estimated.

He opined that the root  factors of Capital Markets are ethics and Governance and Company Secretaries being Governance Professionals have got a mammoth role to play in the field of Capital Markets.

 
CS Rishikesh Vyas , Chairman WIRC of ICSI proposed vote of thanks.The Capital Markets week 2015 of ICSI went into the books of history leaving various takeaways not only for ICSI members but for the professionals and investors at large.


Mega programs were also held in various cities of the country.Viz.Jodhpur, Chennai, Ahmedabad, New Delhi, Kolkatta, Madurai and Guwahati apart from Mumbai, during the Capital Markets Week.


On this occasion,Mr.Ashish Kumar Chauhan (MD &CEO, BSE),Mr. Shardul Shroff, (Managing Partner,Shardul Amarchand Mangaldas and Co.),Mr.V S Sundaresan(Chief General Manager, SEBI), CS S. D. Israni (Former Council Member, ICSI) were present.

 

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It is a historical moment for the Institute as The Institute of Company Secretaries of India is first institution to issue SECRETARIAL STANDARDS anywhere in the world and that will be effective July 1, 2015 and around 8 lakh companies in India will have to comply with these Secretarial Standards to be fully compliant under Companies Act 2013.
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