Lesson 22: Secretarial StandardsBboard - Company Law by: dipti dhakul
1. Lesson 22: Secretarial Standards Board
The need for integration, harmonisation and standardisation in the corporate sector has made
Secretarial Standards Board (SSB) formulating Secretarial Standards.
SSB was constituted in the year 2000.
SSB comprises representatives from FICCI, CII, ASSOCHAM, PHD Chamber of Commerce and
Industry, Ministry of Corporate Affairs, SEBI, RBI, NSE, BSE and the sister professional bodies ICAI
along with ICSI members.
Scope :
To identify the areas of need and formulate Standards
To clarify issues if arising out of such standards
To issue guidance notes for the benefit
To set up international benchmarks.
Does not supplant any existing laws or rules and regulations framed seek to supplement such
laws, rules and regulations.
Functions
• (i) Formulating standards
• (ii) Clarifying standards
• (iii) Issuing standards
• (iv) Reviewing and updating standards
Need
•To integrate, harmonise and standardise
• To promote uniformity and consistency.
•To formulate applicable laws, business environment, and the best secretarial practices
• Analysis and Research of all views.
Process of making Secretarial Standards:
• Determine the areas that need to be formulated and prioritise accordingly.
• SSB may ask Working Groups to formulate preliminary drafts
• These preliminary draft than will be circulated and modified, if required.
• The preliminary draft will then be circulated to the members of the Central Council, as well
as to Regional Councils/ Chapters of ICSI, and various professional bodies for their views,
comments and suggestions within a time frame.
• On the basis of suggestions received an Exposure Draft will be prepared and published in
the “Chartered Secretary”, the journal of ICSI, and placed on the Website of ICSI
• The exposure draft will also circulated to:
• (a) All Council Members
• (b) Regional Council/Chapters
• (c) Professional Bodies (ICAI/ICoAI).
• (d) Chambers of Commerce/Industry Associations
• (e) MCA/SEBI/RBI and such other bodies/organisations as may be decided by SSB
• (f) All members of the Institute through bulk e-mail/website link etc.
• After considering the comments received, the draft will be finalised by SSB and
submitted to the Council of ICSI.
• The Council will consider the final proposed draft, finalise and will than issue.
So far ICSI has issued with approval from Central Government for companies to follow:
2. Secretarial Standards on Meetings of Board of Directors(SS-1)
Secretarial Standards on General Meetings(SS-2)
Secretarial Standard on Dividend (SS-3)