Scope of Company Secretary in India!!

“When something is important enough, you do it even if the odds are not in your favor.”

Introduction: 

The demand to become a Company Secretary has increased in recent years. Considering it as a career option just not gives a high level of mental satisfaction but also makes you feel honourable and financially lucrative. One of the essential things that anyone looks for in their job is satisfaction and happiness. Company secretary career unquestionably offers this. So, undoubtedly CS is one of the best career options that one can choose, and it has a vast scope in India. 

What is a CS?

The Company Secretary (CS) is in charge of offering administrative assistance with regard to the specifics of how the company should be led and managed in order to accomplish its goals. The job of a company secretary is not administrative or assistant-related, despite the title. Given the seriousness of the duties, it is in fact one of the most powerful and revered jobs in the nation. The legal concerns of the business are handled by a CS, who also ensures that the business complies with all applicable financial and legal rules. They oversee the organisation's adherence to legal obligations and ensure that the Board of Directors' decisions are implemented. They have the highest position in the organisational hierarchy They are also responsible for upholding the company's corporate governance requirements. Being a CS entails possessing a strategic position that serves as the primary point of contact between the Board of Directors and the company's shareholders.

What are the opportunities that a Company Secretary gets in India:

A qualified company secretary has work options as well as independent professional alternatives.

1. Self-Employment 

Members of this profession are permitted to work independently after receiving a "Certificate of Practice" from the Institute.

• Any company that has a paid-up share capital of at least Rs. 10 lakh but less than Rs. 10 crores is required to hire a Secretary who works full-time, and this compliance certificate must be provided by a working CS.

• In accordance with Clause 49 of the Listing Agreement, practising company secretaries have been authorised to issue certificates of compliance with Corporate Governance requirements.

• Banks can request due diligence reports from practising company secretaries, according to the Reserve Bank of India.

In actuality, a Company Secretary is permitted to do so by the following laws and rules: 

• The Companies Act, 
• The 2013 SEBI Act, 
• The 1992 Depositories Act, 
• The 1996 SCRA, 
• The 1956 Exim Policy, etc.

2.Secretarial Auditor 

Companies must acquire a Secretarial Audit Report from the Company Secretary in accordance with Section 204 in the following circumstances:

• All listed businesses.
• Each and every publicly traded business with a minimum paid-up share capital of 50 crore rupees.
• All publicly traded businesses with annual revenues of at least 250 crore rupees.
• Regulations for SEBI (LODR), 2015

Every listed business and its significant unlisted subsidiaries incorporated in India are required by Regulation 24A to perform a Secretarial Audit and append a Secretarial Audit Report and Annual Report provided by an actual Company Secretary in the manner that may be stipulated.

3. Insolvency professional

Only those Company Secretaries can take up matters relating to corporate insolvency resolution as interim resolution professionals/resolution professionals, as well as voluntary liquidation cases, who have done the following:

• passed the necessary examinations, 
• have a prescribed number of years of experience, 
• are enrolled with an Insolvency Professional Agency, and
• are registered with IBBI as Insolvency Professional

In Committee Creditors meeting, they can also act as an authorised representative for the class of creditors in a resolution process. 4. Licensed Appraiser

The valuation of a company's stocks, shares, debentures, securities, or other assets must be performed in the way, under the conditions, and with the qualifications and expertise required by registration as a valuer. According to the recently passed Companies (Registered Valuer and Valuation) Rules, 2017, a Company Secretary is recognised as a Registered Valuer for the asset class "securities or financial assets." 

4. Specialist in GST

Company secretaries act as extended arms of regulatory systems, bringing value to business and industries with their understanding of how laws should be understood as well as their capacity to handle and manage regulatory compliances under GST. Anyone who has passed the CS final exam can enroll as a GST practitioner.

When executing tasks like tax planning, keeping track of GST, producing legal papers like responses to show cause notices, conducting impact studies, and other related tasks, company secretaries can help business entities interpret GST regulations and properly discharge numerous GST compliances.

5. Corporate law expert: 

CS also provides advisory services for corporate laws and they are:

• Companies Act, 2013, SEBI Act, 
• Securities Contracts (Regulation) Act, 
• 1956 Securities Contracts (Regulation) Act, 
• Depositories Act, 1996 Cyberlaws, 
• Environmental and Pollution Control Laws, 
• Foreign Exchange Management Act, 
• 1999 Industrial and Labour Laws,
• The Cooperative Societies Act, 1912, and
• The Competition Act, 2002 

CS can offer guidance on issues pertaining to:

• IPRs under the WTO's TRIPs Agreement; 
• International trade policies and practises (including the issuance of certificates thereunder);
• Anti-dumping, countervailing, and subsidy
• Representing trademarks as a registered agent;
• The creation of contracts and the licencing of intellectual property;
• IPR management, management, audit, and value.

6. Representation services:

The responsibilities of a Company Secretary include representing on behalf of a company and other persons before-

• The National Company Law Tribunal, 
• The National Company Law Appellate Tribunal, 
• The Competition Commission of India, 
• The Competition Appellate Tribunal, 
• The Securities Appellate Tribunal, 
• The Registrar of Companies and Regional Directors, 
• The Telecom Controversies Settlement and Appellate Tribunal,
• The Tax Authorities, 
• The Authorities under the Real Estate (Regulation & Development) Act, 2016, 

 9. Internal Adjudicator:

Companies in the specified class or classes must appoint an internal adjudicator to conduct internal checkups of the association's liabilities and operations. (Section 138 of the Companies (Accounts) Rules, 2014 read with Rule 13)

CS is permitted to carry out an internal audit of the following:

• Registers and share transfer agents (RTAs), 
• Portfolio managers, 
• Stock brokers, 
• Clearing members, and traders;
• Internal audit & concurrent audit of depository participants;
• Annual compliance audit of research analyst;
• Reconciliation of share capital audit;
• Annual audits of investment advisers

10. Issue of shares and other securities:

Company secretaries can offer the following assistance:

• Prudence; 
• Consultancy or advice in the issuance of shares and other securities;;
• The creation of prospectuses, offers for sale, letters of offer, and other papers relating to the issuance of securities, as well as the securing of numerous permissions;
• Private placement of securities, including shares;
• Repurchase of shares;
• Raising money in global financial markets via ADRs, GDRs, FCCBs, FCEBs, and ECBs.

Conclusion:

CS definitely has a broad scope in India as well as abroad, given the number of opportunities available to them. One may opt this field based on their interests and make their career in the field of their choice.