Ahmadabad : In a bid to train company secretaries and companies regarding new regulatory requirements as well as commodities hedging, the Institute of Company Secretaries of India (ICSI) has signed a memorandum of understanding (MoU) with Multi Commodity Exchange of India (MCX).
“We have signed an MoU with MCX to train and explore opportunities which are beneficial to each other and sensitization programs together,” said C S Mamta Binani, President, ICSI on the sidelines of the three day 44th National Convention being held by the institute at Mahatma Mandir, Gandhinagar in Gujarat.
Commenting on the same, Mrugank Paranjape, managing director and CEO, MCX India said: “Even as the commodity business grows, we want every business establishment to understand what commodities trading is and help us in propagating that. We are going to do detailed programs with ICSI in terms of training company secretaries since SEBI has made more requirements now for listed companies in terms of disclosures that they have to make as well as understanding what commodities hedging is and utilizing it as required.”
Being held on the theme ‘Powering Governance – Empowering Stakeholders, CS – The Governance Professional’, the convention has seen over 1500 delegates from across the country as well as overseas participate. The convention will see deliberation of strategies and methodologies for powering governance in order to empower its stakeholders.
According to Binani, it will focus on training and skilling of company secretaries on corporate governance as well as various initiatives being taken by the central government.
“We are moving in sync with the government’s initiatives. This convention will delve deeply into those subjects which have been the dream projects of the Government of India such as GST, bankruptcy and insolvency, digital India, and skill India. For this time in this convention, we have organized an exhibition where we have invited companies to showcase their products and services to show the growing strength of company secretaries. People are now looking at company secretaries not only as compliance managers but also as strategic leaders for their organizations,” said Binani.
With Gujarat being known for trading and business communities, ICSI is hosting the convention in the state to propagate about need of company secretary professionals in proprietership as well as partnership businesses. “Company secretaries are not only required in just companies but in any and every kind or form of business a person undertakes. For example, partnership or big propertiership firm of which people are not too much aware. Which is why we have brought this convention to Gujarat, the land of trade and business,” Binani added.
While ICSI has 400,000 students in its fold which are being trained and skilled, the institute has close to 50000 professional members. According to Binani, the institute has been laying emphasis among its members to ensure non-compliance by and large. “The stigma and cost of non-compliance is huge. Our company secretary members ensure that non-compliance by and large doesn’t happen,” she said.
Inaugurating the convention on Thursday afternoon, Vijay Rupani, chief minister of Gujarat said, “True empowerment of our country needs appropriate strategy to embark upon the challenges like poverty elimination, agricultural reforms, co-operation between Centre and states, transparency, judicious delivery of services, job creation, development of infrastructure and setting up of business with ease and convenience etc. In short, the nation should be directed to empower its stake holders along with the goal of Self Sufficient and Self Reliant India.”
Meanwhile, CS (Dr.) M.S Sahoo, chairman Insolvency and Bankruptcy Board of India said that while the board was working on building insolvency professionals, company secretaries could also play the role. “Company secretaries have a pivotal role to play in areas of insolvency and bankcruptcy,” he said.
Note: News shared for public awareness with reference from the information provided at online news portals.