ICSI seeks to earn a good name, and a new vision

The demand for name change is strengthened because the ministry of company affairs has been renamed the ministry of corporate affairs.

The Institute of Company Secretaries of India (ICSI)""a statutory body formed under the Company secretaries Act, 1980""is contemplating a change in the name of the institute. It will zero in on the desired name from among five options, based on the response it gets from its members.

The possible names are the Institute of Chartered Secretaries of India, the Institute of Chartered Secretaries and Advisors of India, the Institute of Corporate Secretaries of India, the Institute of Corporate Secretaries and Advisors of India and the Institute of Chartered Secretaries and Administrators of India. "We have sought suggestions from the members before selecting from the above options. Thereafter, we will approach appropriate authorities for the change of name of the Institute and consequently of the profession,"says NK Jain, secretary, ICSI.

The demand for name change first arose in 1992-93, but the institute became hopeful after the company affairs ministry changed its name to the ministry of corporate affairs (MCA). The name change, according to a press release issued by the ministry, reflects a shift in the focus from merely administration of companies to an all-inclusive role of addressing corporate governance.

"ICSI is working precisely to inculcate good governance practices in the corporate sector, from managerial to top level corporate functioning. The institute's education and training are designed towards managing the changed dynamics of the corporate and regulatory world. Even the vision and mission statements of ICSI focus on developing high-calibre professionals ensuring good corporate governance for protection of interest of all stakeholders, thus contributing to public good.

This aligns the profession of company secretaries perfectly to the ministry's changing dispensation," adds Jain. The minister of Corporate Affairs, Prem Chand Gupta's assurance that a legal framework will soon be in place for Limited Liability Partnership (LLP), has given ICSI, a hope to get this proposal approved by the Parliament.

"We have made a presentation on LLP before the ministry on June 27. Once this issue is resolved it will necessitate changes in all the three acts. These changes will then help us take this issue forward," adds Jain.