The Full Form of ‘ICSI’ in Finance is ‘Institute of Company Secretaries of India’.
Full Form of ICSI
The Institute of Company Secretaries of India (ICSI) is a professional body established in 1988 by the Ministry of Corporate Affairs, Government of India, to regulate and develop the profession of company secretaries in India. ICSI is the only recognized professional body in India that imparts education and training in company secretarial practice and provides a platform for growth for corporate professionals. The Institute has over 50,000 registered members and more than 2 lakh students who are pursuing Company Secretaryship course.
The main objective of ICSI is to provide quality education and training to its members so that they can efficiently handle the tasks related to corporate finance, corporate laws, taxation, legal compliance, etc., as part of their daily responsibilities. ICSI also works towards improving the understanding among various stakeholders such as government authorities, regulators, industry bodies and other professionals about company secretaryship services. It also actively participates in formulating policies related to governance and management of companies.
To become a member of ICSI one must qualify the Foundation Programme Examination followed by Executive Programme Examination and Professional Programme Examination conducted by the Institute. After passing all these examinations one needs to undergo 3 years practical training under a practicing Company Secretary which is mandatory for obtaining membership to ICSI.
ICSI provides various services such as conducting seminars on different topics related to corporate laws & regulations, providing consultancy services on regulatory matters, advising companies on corporate restructuring activities like mergers & acquisitions, takeovers & strategic alliances etc., conducting workshops on attaining good corporate governance practices and promoting awareness about new developments in legislation related to corporate sector.
The institute also plays an important role in ensuring compliance with accounting standards prescribed by Companies Act 2013 through its Reporting Accounting Standards Board (RASB). RASB has been set up recently with an aim to maintain uniformity in financial reporting across companies listed on Indian stock exchanges.
Apart from these activities ICSI also performs various other functions such as issuing Certificate of Practice (COP), granting approval for various courses run by educational institutions imparting knowledge about company secretaryship courses across India. The institute also supervises other activities such as organizing events like conferences & seminars related to company secretarial practice and providing guidance & support to members regarding their professional duties & responsibilities through publication of newsletters & journals containing relevant information regarding current affairs related to corporate sector.
In conclusion it can be said that Institute of Company Secretaries of India is an important body when it comes to regulating the profession of company secretaries in India with multiple roles such as providing quality education & training; ensuring compliance with accounting standards; granting approval for courses; organizing events; issuing COP etc., thereby contributing towards better functioning & development of corporate sector in India.
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