ICSI Full Form, Goals and Functions

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ICSI Full Form, Goals and Functions

ICSI Full Form is the Institute of Company Secretaries of India. It was constituted under an Act of Parliament called Company Secretaries Act 1980, and is the only recognized professional body to develop and regulate the profession of Company Secretaries (CS) in India. 

What is ICSI Full Form?

The full form of ICSI is the Institute of Company Secretaries of India. It comes under the ownership of the Ministry of Corporate Affairs, Government of India. The establishment of ICSI was done under Company Secretaries Act 1980, with the aim to promote, regulate and develop the profession of company secretaries in the country. The ICSI is a leading institution for providing high quality education to students of CS course. It sets best quality standards to CS members. 

Its headquarters are in New Delhi. The institute has a nationwide presence with four regional offices in Mumbai, Chennai, Kolkata and New Delhi. Additionally, it has 73 Chapter Offices spread across the country. In addition to this, ICSI has a Centre for Corporate Governance, Research and Training (CCGRT) in Mumbai, Hyderabad and Kolkata. 

ICSI has a global presence through its 6 overseas centres located in the USA, UK, UAE, Singapore, Australia and Canada. It has the largest membership base as well as the student base of company secretaries across the globe. As an inclusive body on the global governance map, it has taken numerous initiatives to growth and develop the CS profession. At present, the ICSI President is Dhanjay Shukla and the ICSI Vice President is Pawan G. Chandak.

ICSI Regional Councils

The Institute of Company Secretaries of India (ICSI) functions through four regional councils across the country. These councils serve residents belonging to different regions. Here are ICSI regional councils:

• Northern Indian Regional Council (NIRC): It is located at New Delhi. It consists of 32 chapters in cities like Agra, Alwar, Amritsar, Dehradun, Chandigarh, Ajmer, Faridabad, etc.

• Eastern India Regional Council (EIRC): It is located at Kolkata, West Bengal. It consists of a total of 8 chapters in Siliguri, Bhubaneshwar, Ranchi and Patna among others.

• Western India Regional Council (WIRC): It is located at Mumbai, Maharashtra. It consists of 18 chapters in cities like Mumbai, Goa, Indore, Aurangabad, Ahmedabad and Bhopal. 

• Southern India Regional Council (SIRC): It is located at Chennai, Tamil Nadu. It consists of 15 chapters in total in cities like Kochi, Salem, Mysuru, Bengaluru, Hyderabad, etc.

Companies Promoted by ICSI

ICSI promotes various companies that focus on areas pertaining to its key goal of promoting good corporate governance. These companies include the following:

• ICSI Institute of Insolvency Professionals

• ICSI Institute of Governance Professionals of India

• ICSI Institute of Social Auditors

• ICSI International ADR Centre

• ICSI Registered Valuers Organization

Vision and Goals of ICSI

The vision and goals of ICSI include the following:

• ICSI envisages to be a global leader when it comes to promoting good corporate governance. 

• Its goal is to develop highly-qualified CS professionals having high caliber to ensure good corporate governance practices in the business industry. 

• It aims to refine quality across all ICSI activities like education, training and professional development. 

• Another key goal of ICSI is to maintain the highest standards of professional competence and conduct among the ICSI-registered members.

Functions of ICSI

The ICSI Institution performs various essentials functions:

• It develops high-qualified, high-caliber company secretaries who play a crucial role in ensuring good corporate governance in the business world. These professionals contribute to a stable and prosperous economy. 

• It offers oral and postal coaching and training to students who are preparing to become company secretaries. 

• In months of January, May, July and November, the ICSI conducts the CSEET (Company Secretary Executive Entrance Test) examination for students aspiring to become CS.

• ICSI is also responsible for conducting CS executive and professional examinations twice a year, in June and December.

• For the CS students, it offers comprehensive assistance for practical training for CS course.

• ICSI keeps an eye on all the official members of the institute to ensure they comply with requirements laid down by the Government of India. It makes sure the members follow a good code of conduct and maintain professionalism.

• It brings CS firms empaneled with the institute to provide training to the students.

• It issues the certificate of practice and enrolls qualified individuals as the institute’s associate or fellow members.

• To serve its widespread audience including company secretaries, and other professionals, ICAI publishes a monthly journal known as “Chartered Secretary”.

• To enhance the knowledge and skills of CS professionals, ICSI conducts Post Membership Qualification courses for its members.

Courses Offered by ICSI

ICSI offers the following examination programmes, certification courses and post membership qualification (PMQ) courses:

• CSEET

• ICSI Executive Programme

• ICSI Professional Programme

• PMQ course on Direct Tax

• PMQ course in Corporate Governance

• PMQ course on Arbitration

• PMQ course on Internal Audit

• Forensic Audit Certificate Course

• Independent Director Certification Course

• Certificate Course on CSR Professional

• Corporate Restructuring Certificate Course

• IFSCA Certification Course

• ESG Course

• IBC Certificate Course

• Certificate Course on Professional Reboot: Women Returning to Company Secretarial Roles

• Certificate Course on Valuation of Securities/Financial Assets

ICSI Membership

There are two different types of ICSI membership, namely, ICSI Associate Membership and ICSI Fellow Membership. Once a candidate has cleared all the CS exam levels including entrance test, executive program and professional program provided by ICSI, they can go ahead and file an application for ICSI associate membership. 

After completing five years at ICSI as an associate member, an individual can file an application for acquiring the ICSI fellow membership.

Conclusion

ICSI stands for Institute of Company Secretaries of India. It was established under the CS Act of 1980. It is responsible for growing and developing the CS profession across India. It provides associate membership to those who clear ICSI exam and complete training. Associate members of the institute are eligible to apply for fellow memberships after completion of 5 years of continuous associate memberships.

Frequently Asked Questions (FAQs)

Q1. What is ICSI full form?

A. The full form of ICSI is the Institute of Company Secretaries in India.

Q2. Which Act established ICSI?

A. The Company Secretaries Act 1980 established ICSI.

Q3. How many regional councils does ICSI have?

A. ICSI has four regional councils, namely: (i) Northern Indian Regional Council (NIRC), which is located at New Delhi, (ii) Eastern India Regional Council (EIRC), which is located at West Bengal, (iii) Western India Regional Council (WIRC), which is located at Mumbai and (iv) Southern India Regional Council (SIRC), which is located at Chennai.

Q4. How can I become a company secretary in India?

A. To become a company secretary in India, you must complete the ICSI CS course. The course has three levels i.e., CSEET, Executive Programme, and Professional Programme. After passing these exams, you must complete practical training and then apply for ICSI membership to become an associate CS.

Q5. What are the post qualification membership (PMQ) courses offered by ICSI?

A. Some popular PMQ courses offered by ICSI include PMQ course on Direct Tax, PMQ course on Corporate Governance, PMQ course on Arbitration and PMQ course on Internal Audit.

Q6. Where is the headquarters of ICSI?

A. The headquarters of ICSI is situated in New Delhi. The address for the same is: ICSI House, 22 Institutional Area, Lodi Road, New Delhi 110003.

Q7. How many overseas offices does ICSI have?

A. ICSI has a total of 6 overseas offices in Canada, USA, UK, UAE, Singapore and Australia.

Q8. After how many years can ICSI associate members apply for fellow membership?

A. The ICSI associate members can apply for fellow membership after completing 5 years of continuous Associate membership.

Q9. Who is ICSI President?

A. At present, Dhanjay Shukla is the President of ICSI. 

Q10. Who is ICSI President

A. At present, Pawan G. Chandak is the Vice President of ICSI.

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