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) is observing ICSI CAPITAL MARKETS WEEK on the Theme :Capital Markets- The Engine for Economic Growth from May 25-31, 2015 across the Country. A mega Programme in this series was held at Kolkata today .
Shri P Srinivas, MD & CEO,UBI, Chief Guest congratulated ICSI for organizing the CAPITAL MARKETS WEEK as the Institute has been actively engaged in promoting the interest of the Investors and the orderly development of the Capital Markets in India. He expressed that Capital markets are an important source of financing for the corporate sector and thus are vital for economic development. He further added that the momentum in the Indian Capital Market have started after the liberalisation of 1991. FDI infused a lot of money in the capital market. He also said that a better regulated capital market automatically brings development for the country and a strong regulated capital market instils confidence among the investors that their money is safe. He said the role of a CS as a Key Managerial Personnel is of responsibility as he takes care of Corporate Governance, Board of Directors and important disclosures. A CS in a corporate is an ombudsman for the investors in the company.
Shri N.K.Bhola, Regional Director (ER & NER), MCA, Govt. of India, Guest of Honour in his address spoke that the CS plays a vital role in ensuring good corporate governance for companies and for their clients. He said these type of programmes are a good initiative done by ICSI as it also helps in Investor Awareness and protection. He said these programmes also create awareness about role of CS in capital markets and how CS helps in ensuring that companies follow fair business practices and good corporate governance.
CS Atul H Mehta, President, The ICSI, in his presidential address said that ,”Company Secretary, over a period of time, have developed themselves as professionals having core competence in compliances and corporate governance, moving from their traditional role of Company Secretary of the Company. They are now popularly known as governance professionals and are more frequently called upon to guide the Corporate Boards on various strategic, governance and compliance issues. Under various securities laws such as Securities Contracts (Regulation) Act, 1956, Depositories Act, 1996, Regulations and Guidelines issued by SEBI under SEBI Act, 1992 and the Listing Agreement of the Stock Exchanges for Equity, Debt listing, IDRs, Company Secretaries have been recognized to verify compliances and to issue certificates.
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.
CS Makarand Lele,Council Member, ICSI and Chairman Financial Services Committee, ICSI said 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.
CS Santosh K Agarwala, Council Member and Programme Director,in his speech 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. He also said that the CS has got good professional knowledge of Capital Market and Company Law and emphasized that a CS has developed himself to be a governance professional.
CS Mamta Binani,Vice President, ICSI in her speech said that Capital Markets teach us discipline, innovation and invention. She said by organizing these type of programmes we are sending a signal to the government to strengthen capital markets.
CS Sunita Mohanty,Chairperson,EIRC of ICSI welcomed the dignitaries on the dias.In her welcome address, she said that the Capital Markets play a pivotal role in the development of economy. The Stronger the Capital Market, the better the prospects of economic development. Hence, a developed, dynamic and vibrant capital markets immensely contributes to economic growth and development.
CS Rupanjana De,Secretary,EIRC of ICSI offered the vote of thanks to the dignitaries,participants,press and so on.
It is in this backdrop, three sub – themes have been devised to deliberate upon in the technical sessions during the ICSI Capital Markets Week programmeMicrofinance-Growth Engine for Tiny Industry,Investor Protection and Rebuilding Investor Confidence, Convergence of Company Law and Securities Laws. Distinguished speakers including CS Vinod Kothari, Practicing Company Secretary (Past Chairman, EIRC of ICSI), Ms Monika Halan, Editor, Mint Money, Shri Chandra Shekhar Ghosh, Chairman & MD, Bandhan Financial Services Ltd will deliberate upon the sub-themes during the three technical sessions.
Nationwide events such as Academic Development Programmes, panel discussions, lectures, interactive meetings with capital market regulators/stock exchanges and investor awareness programmes are being held by the respective ICSI Regional Councils and Chapters” during this week.