The Institute of Company Secretaries of India (ICSI) is one of the premier professional bodies in India, entrusted with developing and regulating the profession of Company Secretaries (CS). With corporate governance, compliance, and legal structuring becoming more critical in the modern business environment, the role of Company Secretaries has gained immense importance.
Founded in 1968 and later given statutory recognition under the Company Secretaries Act, 1980, ICSI not only administers the CS course but also ensures continuous professional development and sets standards of corporate governance in India. This blog explores the history, role, exam structure, career opportunities, and future prospects of ICSI.
1. History and Background of ICSI
The need for professionals who could handle company law compliance was felt in the early decades after India’s independence. Initially, the responsibility was undertaken by a section within the corporate affairs framework. In 1968, the Institute of Company Secretaries of India was established, and later in 1980, it became a statutory body through an Act of Parliament.
Today, ICSI has over 70,000 members and more than 2.5 lakh students enrolled across India. It operates through four regional councils in New Delhi, Kolkata, Mumbai, and Chennai, along with multiple chapters across states, making it accessible nationwide.
2. Role of ICSI
ICSI’s role is two-fold:
- Educational Role – Designing, conducting, and supervising the Company Secretary course, which includes examinations, training, and practical exposure.
- Regulatory Role – Laying down professional and ethical standards for practicing Company Secretaries, issuing guidelines, and conducting disciplinary proceedings when necessary.
It also contributes to policy-making and corporate law reforms by working closely with the Ministry of Corporate Affairs.
3. The Company Secretary (CS) Course Structure
The CS course is a multi-stage program designed to test candidates on company law, taxation, finance, governance, and secretarial practices.
a) CSEET (Company Secretary Executive Entrance Test)
- Entry-level exam for all aspirants.
- Covers Business Communication, Legal Aptitude, Economic & Business Environment, Current Affairs, and Presentation skills.
- Conducted online with both objective and viva components.
b) Executive Programme
- Divided into two modules.
- Subjects include Company Law, Tax Laws, Corporate and Management Accounting, Securities Laws, and Financial Management.
- Focuses on developing core knowledge in corporate law and compliance.
c) Professional Programme
- The final stage.
- Subjects include Corporate Restructuring, Governance, Advanced Tax Laws, Drafting, and Secretarial Audit.
- Prepares students for higher-level strategic advisory and governance roles.
d) Practical Training
- After clearing certain stages, students must undergo 21 months of practical training under a company or practicing CS.
- This ensures industry exposure and prepares them for real-world challenges.
4. Examination and Passing Criteria
- Exams are held twice a year, in June and December.
- Minimum 40% marks in each paper and 50% aggregate are required to qualify.
- The syllabus is frequently updated to reflect changing corporate laws, SEBI regulations, taxation reforms, and global business practices.
5. Membership of ICSI
On completing the course and required training, candidates become eligible to apply for membership.
- ACS (Associate Company Secretary) – Awarded initially after qualification.
- FCS (Fellow Company Secretary) – Granted after gaining sufficient professional experience.
Members can practice independently or work in corporate sectors, ensuring compliance and governance.
6. Career Opportunities for Company Secretaries
A Company Secretary is often regarded as a compliance officer, governance expert, and corporate advisor. The career scope is wide and growing due to stricter compliance regimes.
a) Employment Opportunities
- Listed companies, MNCs, and large corporates require qualified CS professionals to meet SEBI and Companies Act requirements.
- CS professionals are eligible to become Key Managerial Personnel (KMP) under the Companies Act, 2013.
- Roles include Compliance Officer, Legal Advisor, Risk Manager, Corporate Planner, and Governance Expert.
b) Practice as an Independent CS
- Company Secretaries can set up their own practice offering services like:
- Incorporation of companies
- Filing with MCA & ROC
- Corporate restructuring
- Secretarial audits
- Due diligence
c) Opportunities Abroad
- ICSI members are increasingly being recognized internationally, particularly in countries with a common law framework like the UK, Canada, Australia, and Singapore.
7. Importance of ICSI in Corporate Governance
Corporate governance has become a buzzword in today’s business ecosystem. From fraud prevention to investor protection, the role of CS professionals is expanding rapidly.
ICSI contributes by:
- Issuing guidelines on corporate governance best practices.
- Conducting Secretarial Standards (SS-1 & SS-2) that companies must follow in board meetings and general meetings.
- Training professionals to ensure transparency, accountability, and compliance.
8. Challenges for Students
While the CS course offers lucrative opportunities, it also comes with challenges:
- Extensive syllabus covering law, finance, and management.
- Requirement of balancing theoretical knowledge with practical exposure.
- Need for continuous updation as corporate laws change frequently.
- High competition and rigorous training schedules.
For aspirants, pursuing the CS course under ICSI is not merely about clearing exams; it is about becoming a professional who adds value to businesses, protects stakeholder interests, and upholds the law. As India moves towards becoming a global economic powerhouse, the demand for skilled Company Secretaries is bound to rise—making ICSI an institution of immense relevance.
9. Recent Updates in ICSI
- Introduction of new syllabus (2022) with greater emphasis on governance, ethics, and emerging business laws.
- Use of online exams and remote proctoring for flexibility.
- National initiatives like ICSI Academic Connect with universities to strengthen corporate governance education.
- Increased collaboration with MCA, SEBI, and RBI for policy contribution.
10. Why Choose the CS Course?
Students from commerce, law, or management backgrounds are increasingly drawn to the CS course because:
- It offers prestige and recognition as a statutory professional.
- Provides job security due to mandatory compliance requirements.
- Enables professionals to work across industries—banking, finance, corporate houses, consultancy firms, and government organizations.
- Scope to become an entrepreneur through independent practice.
Conclusion
The Institute of Company Secretaries of India (ICSI) is more than just an educational body—it is the guardian of corporate compliance and governance in India. Through its rigorous CS program, ethical standards, and policy contributions, ICSI plays a crucial role in shaping the corporate landscape.
For aspirants, pursuing the CS course under ICSI is not merely about clearing exams; it is about becoming a professional who adds value to businesses, protects stakeholder interests, and upholds the law. As India moves towards becoming a global economic powerhouse, the demand for skilled Company Secretaries is bound to rise—making ICSI an institution of immense relevance.