ICSI notifies Significant Changes to ‘Fellow Members’ definition [Read Notification]

The Institute of Company Secretaries India (ICSI) has notified an amendment to the Company Secretaries Regulations, 1982 where it brings minor changes to the definition of ‘fellow members’.

The changes are mostly in the areas of qualification and experience of persons eligible to be classified as fellow members and also there was a limit of a paid-up capital where such individuals had an experience. These limitations have been scrapped and the newly amended regulations state:

“(2) Fellow members:

(i) No person shall be entitled to have his name entered in the Register as a Fellow unless he,-

(a) was a Fellow including Honorary Fellow of the dissolved company immediately before the commencement of the Act; or

(b) was admitted as a Fellow under the earlier regulations; or

(c) is an Associate and has been in continuous practice in India as a Company Secretary for at least five years; or

(d) is an Associate for a continuous period of not less than five years and possesses such qualifications or practical experience as may be determined by the Council.

(ii) No Associate member shall be admitted as a fellow member of the Institute, if; –

• he has been found guilty of any professional or other misconduct and his name has been removed from the Register or he has been imposed fine referred in sub-section (3) of sections 21A or sub-section (3) of section 21B at any time during the preceding five years on the date of application; or

(b) he has not completed such minimum numbers of Professional Development Credit Hours as may be determined by the Council:

Provided that in the case of any person belonging to any of the classes mentioned in sub- regulations (1) and (2), who is not permanently residing in India, the Council may, by resolution, determine, such further qualifications and conditions, as it may deem necessary or expedient.”