Institute of Company Secretaries of India (ICSI)

ICSI stands for the Institute of Company Secretaries of India. It is a statutory body. It works under the Ministry of Corporate Affairs. Its head office is in New Delhi.

When did it begin?

• 1968: the ICSI was set up as a company, under the Companies Act, 1956.
• 1 January 1981: the Company Secretaries Act, 1980 came into force.
• The Act turned the company into a statutory body.
• The Central Government fixed that date by notification S.O. 989(E) of 27 December 1980.

What does it do?

• It holds the exams for candidates.
• It regulates the training of students.
• It keeps the Register of persons qualified to practise as Company Secretaries.
• It grants certificates of practice.

Why do the two dates matter?

A question may give 1968 and 1981 as options. Both are right, for different events. Link 1968 with the company and 1981 with the Act.

A Council runs it. The Council has up to 20 seats.

How is the Council made up?

• Up to 15 members are elected by the members of the Institute.
• They must be Fellows, chosen from regional constituencies.
• Up to 5 members are nominated by the Central Government.
• A person holding a Central or State Government post cannot stand for the elected seats.

Who chooses the nominated seats?

The Central Government does. Section 9 of the Act allows it to nominate up to five members.

Does the Council have regional arms?

Yes. Section 23 of the Act lets the Council set up Regional Councils. They help run the Institute across the country.

Who was President in July 2026?

CS Pawan G. Chandak signed ICSI’s representation to the Ministry on 16 July 2026, as President. Office-holders change every year. Learn the structure first.

The person must clear three exam stages and finish training. ICSI runs all of them.

What are the steps?

1. CSEET: the entrance test. A candidate who has cleared Class 12 can sit it. 2. Executive Programme: the middle stage. 3. Professional Programme: the final exam stage. 4. Training: a 30-day Executive Development Programme (EDP), then 21 months of practical training.

Is the old Foundation stage still there?

No. CSEET took its place. In early February 2020, ICSI notified that Foundation was discontinued and CSEET became the entry test. Old guides still list Foundation.

Is training 15 months?

Not now. Old pages say 15 months. ICSI’s rules since 2020 say 21 months, after the EDP. The EDP is 15 days online and 15 days in a classroom.

What is the exam trap?

Do not say “Foundation, Executive, Professional”. The first stage is CSEET. The training is 21 months. Check ICSI’s notice for the latest exam pattern.

Only a Company Secretary in practice. A CS who is an employee cannot.

What is a secretarial audit?

Section 204 of the Companies Act, 2013 requires it. A secretarial audit checks whether a company followed the laws that apply to it. The report goes in Form MR-3.

Which companies need one?

• Every listed company.
• Every public company with paid-up share capital of ₹50 crore or more.
• Every public company with turnover of ₹250 crore or more.
• Every company with outstanding bank or public-institution loans of ₹100 crore or more.

What is a certificate of practice?

Section 6 of the Company Secretaries Act says a member cannot practise without it. The Council grants it. A salaried in-house CS does not hold one for the job.

What is the trap?

The word “audit” tempts students to name ICAI or NFRA. The signer here is a CS in practice.

No. They are three bodies for three professions. All three work under the Ministry of Corporate Affairs.

How do they compare?

Which is oldest?

ICAI is the oldest as a statutory body. ICMAI follows in 1959. ICSI began as a company in 1968 and became statutory in 1981.

What is the memory hook?

Read the law’s year: 1949, 1959, 1980. The Cost Accountants Act was once called the Cost and Works Accountants Act. The years rise in that order. A question that swaps the Acts is wrong.

The 1980 Act builds a disciplinary system inside the Institute. NFRA is a separate body for auditors.

What is the ladder of discipline?

• A Director (Discipline) examines each complaint first.
• The Board of Discipline hears First Schedule misconduct, by a summary procedure.
• The Board can reprimand, remove a name for up to three months, or fine up to ₹1 lakh.
• The Disciplinary Committee hears Second Schedule misconduct.
• That Committee has the President or Vice-President in the chair.
• It also has two Council members and two nominees of the Central Government.
• An Appellate Authority exists under the Act.

What does NFRA cover?

NFRA acts under Section 132 of the Companies Act. Its Rule 3 gives it investigation power over the auditors of listed companies and other large classes. Secretarial audit is a different task, set by Section 204.

How should you keep them straight?

ICSI’s own machinery handles Company Secretaries. NFRA looks at auditors of large companies. Do not say NFRA took over ICSI’s role.

Rule 8A forces some private companies to hire a whole-time CS. ICSI wants a second trigger added.

What does the rule say today?

• Rule 8A is in the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
• It covers private companies with paid-up share capital of ₹10 crore or more.
• The limit was raised from ₹5 crore to ₹10 crore from 1 April 2020.
• The Supreme Court dismissed a petition against that rise.

What did ICSI propose?

• On 16 July 2026, ICSI wrote to the Ministry of Corporate Affairs.
• It asked for companies with borrowings above ₹50 crore to also need a whole-time CS.
• The test would apply at any time in a financial year, whatever the paid-up capital.
• ICSI noted that ₹50 crore already appears elsewhere in the Companies Act.

Is it law?

No. It was reported as a proposal in July and August 2026. Treat it as a proposal, not a rule.