Is CS a good career?
Company Secretary (CS) is an eminent course in India. Working as a Company Secretary is not just prestigious and financially rewarding but as well provides a high level of job satisfaction. The Company Secretary is an in-house legal professional, a compliance officer for the organization, and a specialist in corporate law, securities law, corporate governance, and capital market charter.
Scope for CS in India
There are scopes for a qualified Company Secretary in employment and being a practicing independent professional.
Members of the Institute can practice independently further by receiving a ‘Certificate of Practice’ from the Institute.
Any association with a paid-up share capital of Rs. 10 lakh or more but less than Rs. 10 crores must hire the services of a Secretary in full-time practice and this compliance certificate has to be issued by a practicing Company Secretary.
Practicing Company Secretaries have been authorized to issue certificates concerning compliance with the conditions of Corporate Governance as required in Clause 49 of the Listing Agreement.
The Company Law Board, Securities Appellate Tribunal, Competition Commission, Telecom Dispute Settlement and Appellate board, Consumer Forums, Tax boards, and other boards have authorized practicing Company Secretaries to represent the parties before them.
The Reserve Bank of India approved practicing Company Secretaries to undertake bank due diligence reports.
In practice, a Company Secretary is authorized to circulate certificates and attest documents under the below-mentioned statutes and regulations:
Companies Act, 2013
SEBI Act, 1992
Depositories Act, 1996
Exim Policy etc.
One of the main areas, secretarial accountant, is unquestionably a comprehensive representation of the legislature’s and government’s reliance on the Company Secretaries to instill corporate discipline and assure compliance with legislation.
Companies Act, 2013 (Section 204)
Under Section 204, companies are required to get a Secretarial Accountant Report from the Company Secretary in case of:
Each listed company.
Each public company has a paid-up share capital of 50 crores or more.
Each public company with an income of 250 crore rupees or more
SEBI (LODR) Regulations, 2015
Under Regulation 24A, each listed entity and its material unlisted subsidiaries incorporated in India must administer a Secretarial Accountant and affix a Secretarial Audit Report and Annual account, provided by a Company Secretary in practice, in such manner as may be specified.
Company Secretaries who have cleared the necessary examinations, have a prescribed amount of years of experience, are enlisted with an Insolvency Professional Agency, and are certified with the Insolvency and Bankruptcy Board of India (IBBI) as Insolvency Professionals, can take up matters concerning corporate insolvency resolution as interim resolution professionals/resolution professionals and also voluntary liquidation cases.
Company Secretaries offer value-added services to trade and industry by functioning as extended arms of regulatory mechanisms, with their specialization in the interpretation of laws and skills in conflict and managing regulatory compliances under the GST. Enrollment as a GST practitioner is open to anyone who has cleared the CS final exam. Company Secretaries can help business entities in interpreting GST laws and effectively discharging different GST compliances while performing activities like tax planning, maintaining GST records, drafting legal documents like responding to show-cause notices, conducting impact analyses, etc.
Services in finance, accounting, and taxation
Company Secretaries can offer finance, accounting, and taxation services in the following manners:
Determination of the right capital structure
Feasibility Studies and project accounts
Tax management, tax planning, returns, and reports in Income-Tax, GST, and other taxation laws
Other roles played by a CS of the company
Making sure that Corporate Governance obligations, like the Companies Act, its rules, Secretarial Norms, and other applicable legislation are adopted
Helping and recommending the Board of Directors in the company’s operations.
Helping in the convening of programs, as well as attending Board, Committee, and General Programs
Obtaining essential authorization from the Board of Directors, shareholders, and regulatory company
Representing clients in front of diverse regulators and authorities
Drawing up legal documents
Pay scale/ salary of Company Secretary
Company Secretaries earn a satisfactory salary in a variety of industries. Most organizations pay more for Company secretaries that are highly skilled and experienced. The Company Secretary’s average salary structure is given below.
|Job Profile||Starting Salary per annum (in INR)||Mid Level Salary per annum (in INR)||Senior Level Salary per annum (In INR)|
|Company Secretary||Rs. 3,00,000||Rs. 6,00,000||Rs. 9,00,000 – 12,00,000|
|Legal Advisor||Rs. 3,00,000||Rs. 4,00,000 – 5,00,000||Rs. 10,00,000|
|Principal Secretary||Rs. 3,00,000||Rs. 6,00,000||Rs. 9,00,000 – 12,00,000|
Salary of CS based on experience
|Experience||Annual average salary of CS|
|0-1 year||INR 119,195 – INR 805,366|
|1-4 years||INR 232,260 – Rs 770,450|
|5-9 years||INR 302,012 – Rs 1,468,135|
|10-19 years||INR 380,000 – INR 2,440,000|
|20 years or more (highest salary of CS in India)||INR 1,768,743 – INR 1,924,279|