A study group in the Department of Company Affairs (DCA) will suggest ways to develop corporate culture in the country and how corporate excellence can be achieved on a sustained basis to sharpen India's global competitive edge.
The study group had its first meeting here yesterday. It draws members from various statutory bodies like the Institutes of Chartered Accountants (ICAI), Chartered Secretaries (ICSI) and Cost and Work Accountants (ICWAI) amongst others.
The three institutes, the ICAI, the ICSI and the ICWAI are signing a memorandum of understanding (MoU) today to foster a synergistic relationship among themselves to try to evolve best practices in responsive government and business environments. The document will be published in the new fortnightly bulletin by DCA, to be inaugurated today.
A compact disc containing information about all the companies registered so far with the Registrar of Companies would be released today. The companies would be classified on the basis of industry and would have the financial information about the companies.
The MoU would help the three institutes in evolving a common approach towards the state/central governments and other governing bodies for their demands.
To ensure that the synergy works, a coordination committee is being set up. This committee would have a quarterly meeting to review the joint working of the institutes. According to sources, there is a recommendation for partnership among practising members so that all the services (relating to accounts, audit, cost accountancy and secretarial work) can be had from a single firm. However, this presupposes that relevant changes are being made in the Act of Parliament and the legislation governing the three bodies, the source said. A plan to merge the three institutes was earlier explored, but then it was found to be not very practical, the source said.
In an effort towards increasing awareness among its members, to keep them abreast with the latest and to make the education process a continuous one, the institutes propose to make attendance at meetings and seminars compulsory for the members and to give a credit for attending such forums.
