Wednesday, Apr 06, 2005
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By Our Special Correspondent
HYDERABAD, APRIL 5. The Council of the Institute of Company Secretaries of India (ICSI) has accorded permission to its members to engage in specified activities while in practice. Practising members can now become non-executive director/promoter/promoter director of companies, the objects of which include areas that fall within the scope of the profession of company secretaries. This is irrespective of whether or not the practising member holds substantial interest in that company. Practising members can now take up teaching assignments. Permission has been given to them to act as `Recovery Consultants' in the banking sector. With the council's permission, members can have interest in agriculture and allied activities, and editorships of journals (other than professional journals). The council also decided to allow practising members to take on similar roles in companies engaged in `any other business or occupation', provided the practising member does not hold substantial interest in the company. Though the decisions by the council were taken in Delhi on March 20, the newly elected ICSI President, R. Ravi, announced them at a press conference here recently. Earlier practising members faced lot of restrictions. Now they can even form companies. Mr. Ravi said under WTO regime, services sector was going to open up with `single window service concepts' for sorting out various issues. But in India corporatisation of company secretaries services had not taken place. The Council's relaxations would allow this now. Elaborating on implications of "liberalising practice", he said this would enable members to take `head-on global organisations that may now enter India'. Mr. Ravi said ICSI has 70,000 members, 4000 in practice, and 8,000 members in employment.
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