With the growth of the Corporate Sector particularly after Privatization, Liberalization, Globalization policies of the Government, business houses are becoming more professional. Company Secretaries have emerged as indispensable adjuncts to the corporate establishments. A cadre of practicing Company Secretaries has also been nurtured and developed to render effective secretarial, legal and management assistance to the small and medium sized companies and other business establishments which are not required to appoint mandatorily whole-time company secretaries.
The Company Secretaries (C.S.) have emerged as indispensable adjunctments, to the Indian Corporate Sector due to their thorough knowledge base in areas such as corporate laws, capital market operations, stock exchange and trading etc. They have contributed significantly to the growth of Indian Corporate Sector by rendering effective secretarial, legal and management assistance to the small, medium sized companies and other business establishments.
The liberalization of Indian economy has brought about a sea change in the role and profile of a Company Secretary. The job of a Company Secretary involves diverse responsibilities. The company secretary’s role has assumed significance in the present situation as, in the liberalized economy; the thrust is on self-regulation and self-discipline in which the concept of management by exception plays a pivotal role.
Company Secretaries are also seen as corporate development planners who explore expansion opportunities such as arranging various collaborations, amalgamations, mergers, acquisitions, takeovers, setting up of subsidiaries and joint ventures within and outside India. The capital market has witnessed a rapid growth and this has opened new vistas for company secretaries. The Position In fact, many company secretaries are already holding key positions in the capital markets and financial service industries. “A Company Secretary is in fact better equipped than a person holding an MBA (Finance) in accountancy and documentation in financial services. The role of a company secretary becomes more pertinent as the corporate houses are laying emphasis on investor relations and setting up investor grievance Cells.
Almost every kind of organization, whose affairs are conducted by boards, councils and other corporate structures, whether it is a trust, society or a co-operative society, association, federation, authority, commission, board or the like find it useful to appoint company secretary. A qualified CS has access to openings in the private and public sector, financial institutions, stock exchanges & the Central/State Government. Company Secretaries are the only interface between management and the investing public that is what makes them important in the corporate hierarchy. A company secretary’s expertise in handling three areas management, accounting and law makes him the right choice for a place on the Board of Directors. He is to accompany what a Secretary to the Government of India, is to a Ministry
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