The Institute of Company Secretaries India (ICSI) has notified an amendment to the Company Secretaries Regulations, 1982 wherein the Institute has permitted its members to form a multi-disciplinary firm with professionals in other bodies.
As per regulation 168 of the company secretaries regulations, a company secretary in practice was not allowed to engage in any other business or profession. They were allowed, under the discretion vested in the Council in this behalf, a Company Secretary in practice may act as a secretary, trustee, executor, administrator, arbitrator, receiver, appraiser, valuer, internal auditor, management auditor, management consultant or as a representative on financial matters including taxation and may take up an appointment that may be made by the Central or any State Government, Court of Law, Labour Tribunals, or any other statutory authority.
This regulation has been relaxed in the newly notified amendment which states:
“A member in practice may form a multi-disciplinary firm with a member of other professional bodies as prescribed under regulations 168A and 168B in accordance with the regulating guidelines of the Council for functioning and regulation of such multidisciplinary firm.
In the said regulations, in regulation 169.-
“(2A) An application in such form as may be determined by the Council, is required to be made to the Institute for obtaining prior approval of the trade or firm name proposed to be used by the company secretary in practice or by a firm of Company Secretaries in practice or Multidisciplinary Firm.”
The other professional bodies include:
(a) The Institute of Chartered Accountants of India (ICAI)
(b) The Institute of Cost and Works Accountants of India (ICWAI)
(c) Bar Council of India
(d) The Indian Institute of Architects (IIA)
(e) The Institute of Actuaries of India (IAI)
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