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The Institute of Company Secretaries of India (ICSI) observes CAPITAL MARKETS WEEK
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 recently across the Country.
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.Mr.Chouhan during his speech mentioned about the journey of Capital Markets over the years and the role of technology in Modern Capital Markets Operations. While explaining the role of Company Secretaries in Capital Markets, he expressed that Capital markets are an important source of financing for the corporate sector and thus are vital for economic development.
Mr. Shardul Shroff, Managing Partne , Shardul Amarchand Mangaldasand Co. during the first technical session spoke on the subject Compliance Mechanism Harbinger for robust Capital Markets. Mr.Manu Thomas Senior Manager, BSE Limited address the delegates on Avenues of Capital Raising for startups-Crowd Funding, ITP, SME,VS,PE etc.
Mr.V S Sundaresan, Chief General Manager, SEBI,while speaking on the occasion informed that the Company Secretary has gained Paramount importance after the implementation Companies act 2013. He also spoke on the role of Company Secretary as a custodian of Governance in Capital Markets.
CS S D Israni, Former Council member, the ICSIdeliberated on the subject-Company Secretaries and Independent Directors and the scope of Independent Director in the board and the role played by Independent Director in Board Process.
CS Atul H Mehta , President, The ICSI, in his presidential address emphasized on the Role of Company Secretaries in Capital Markets and 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.
“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 areethics 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 WIRCof 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.
