The Institute of Company Secretaries of India will now be able to induct members from regulators as well as sectoral experts in its secretarial and auditing standards board after recent amendments by the government.
About the Institute of Company Secretaries of India:
- It is the only recognized professional body in India to develop and regulate the profession of Company Secretaries in India.
- It is a premier national professional body set up under an act of Parliament, the Company Secretaries Act, 1980.
- Nodal Ministry: Ministry of Corporate Affairs, Government of India.
- The Institute provides top-quality education to the students of Company Secretaries (CS) Course and best quality set standards to CS Members.
- At present, there are more than 65,000 members and around 2.5 Lakh students in the role of ICSI.
- Headquarters: New Delhi and has four Regional Offices in New Delhi, Chennai, Kolkata, and Mumbai and 72 Chapters across India.
- ICSI has been contributing to the initiatives of the Government of India that have the potential to excel in the social-economic growth of India.
Q1) What is a statutory body?
It is a type of organization that is established by an Act of Parliament or legislature and is authorized to perform specific functions or duties as outlined in that Act. Statutory bodies are typically created to regulate or oversee particular sectors, industries etc.