Company secretaries have 'big professional opportunity' in arbitration space: ICSI Prez

Company secretaries have a "big professional opportunity" in the arbitration space as they have the capacity for good drafting of agreements and other capabilities, according to ICSI President Ranjeet Pandey.

Earlier this month, Parliament passed a legislation that aims to make India an international arbitration hub by providing facilities for settlement of commercial disputes.

Amendments have been made to the Arbitration and Conciliation Act, 1996.

Pandey said the amendments are path breaking ones and are aimed at institutionalisation of arbitration.

The Institute of Company Secretaries of India (ICSI) is the apex body for company secretaries.

"For us (company secretaries), it is a big professional opportunity. We are into law, drafting of agreements, we have the capacity to appear (for arbitration proceedings) also and capacity for good drafting," Pandey told PTI.

There are around 11,000 practising company secretaries. With the amended Act, practising company secretaries with at least 10 years experience would be able to participate in arbitration activities.

To be in arbitration activities, one should know the nitty-gritty of agreements and company secretaries are conversant with laws related to drafting of agreements, Pandey said.

"We will be introducing a certification course on arbitration. It will be 10-15 days and workshops will be organised. Only fine tuning is required," he noted.

Company secretaries are also into mediation and conciliation activities. Besides, markets regulator Sebi recognises company secretaries arbitrators for the NSE and the BSE.