The Institute of Company Secretaries of India plans to start a new course for professionals to become independent directors on company’s board given the government concern over the passive role played by such directors.

CS Makarand Lele, President, the Institute of Company Secretaries of India, said a qualified company secretary can easily fulfill the role of independent director in a company with little training.

“We are in the process of designing a course material and training programme for our members,” he said addressing the media at an event to mark the institute’s 50th Foundation Day.

The apex body formed under an Act of Parliament has been suggesting various regulatory changes to promote corporate compliance and risk management, he added.

The institute has over 800 registered insolvency professionals and is focusing on honing company secretary’s skills on corporate valuation. The Institute has tied up with a clutch of insurance companies such as Oriental Insurance, Bajaj Alliance, New India Insurance, Aditya Birla Health Insurance, Tata AIG General Insurance and SBI Life Insurance for covering various risks of its members including professional indemnity, office package policy, cyber insurance, director’s and official’s liability policy, medical and motor insurance.

In these times of fast evolving regulatory set up, Lele said it is important for company secretaries to cover their liabilities and the tie-up with insurance companies will help them to lower that cost as they will get lot of concession on premium.

Related Topics