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With reference to the Institute of Company Secretaries of India, consider the following statements:
- It was established under the Company Secretaries Act, of 1980.
- It functions under the jurisdiction of the Union Ministry of Corporate Affairs.
Which of the statements given above is/are correct?
- a)1 Only
- b)2 Only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
With reference to the Institute of Company Secretaries of India,consid...
The correct answer is option 'C' - Both 1 and 2.
Explanation:
The Institute of Company Secretaries of India (ICSI) is a statutory professional body in India established under the Company Secretaries Act, 1980. It is the only recognized professional body in India to develop and regulate the profession of company secretaries in the country.
The given statements are as follows:
1) It was established under the Company Secretaries Act, 1980.
2) It functions under the jurisdiction of the Union Ministry of Corporate Affairs.
Let's analyze each statement:
1) It was established under the Company Secretaries Act, 1980:
The first statement is correct. The Institute of Company Secretaries of India (ICSI) was established under the Company Secretaries Act, 1980. This Act provides for the regulation and development of the profession of company secretaries in India. The ICSI is responsible for conducting examinations, granting membership, and regulating the professional conduct of company secretaries in the country.
2) It functions under the jurisdiction of the Union Ministry of Corporate Affairs:
The second statement is also correct. The Institute of Company Secretaries of India (ICSI) functions under the jurisdiction of the Union Ministry of Corporate Affairs. The Ministry of Corporate Affairs is a ministry of the Government of India that is responsible for the administration of the Companies Act, 2013, and other related laws. The ministry provides oversight and guidance to professional bodies like ICSI to ensure the proper regulation and development of the profession of company secretaries.
In conclusion, both statements are correct. The Institute of Company Secretaries of India (ICSI) was established under the Company Secretaries Act, 1980, and it functions under the jurisdiction of the Union Ministry of Corporate Affairs.
Explanation:
The Institute of Company Secretaries of India (ICSI) is a statutory professional body in India established under the Company Secretaries Act, 1980. It is the only recognized professional body in India to develop and regulate the profession of company secretaries in the country.
The given statements are as follows:
1) It was established under the Company Secretaries Act, 1980.
2) It functions under the jurisdiction of the Union Ministry of Corporate Affairs.
Let's analyze each statement:
1) It was established under the Company Secretaries Act, 1980:
The first statement is correct. The Institute of Company Secretaries of India (ICSI) was established under the Company Secretaries Act, 1980. This Act provides for the regulation and development of the profession of company secretaries in India. The ICSI is responsible for conducting examinations, granting membership, and regulating the professional conduct of company secretaries in the country.
2) It functions under the jurisdiction of the Union Ministry of Corporate Affairs:
The second statement is also correct. The Institute of Company Secretaries of India (ICSI) functions under the jurisdiction of the Union Ministry of Corporate Affairs. The Ministry of Corporate Affairs is a ministry of the Government of India that is responsible for the administration of the Companies Act, 2013, and other related laws. The ministry provides oversight and guidance to professional bodies like ICSI to ensure the proper regulation and development of the profession of company secretaries.
In conclusion, both statements are correct. The Institute of Company Secretaries of India (ICSI) was established under the Company Secretaries Act, 1980, and it functions under the jurisdiction of the Union Ministry of Corporate Affairs.
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With reference to the Institute of Company Secretaries of India,consid...
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.
- 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.
Hence both statements are correct.
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With reference to the Institute of Company Secretaries of India,consider the following statements: It was established under the Company Secretaries Act, of 1980. It functions under the jurisdiction of the Union Ministry of Corporate Affairs.Which of the statements given above is/are correct?a)1 Onlyb)2 Onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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