The Companies Bill, 2012, as passed by Lok Sabha, inter-alia, incorporates provisions (Clause 203) regarding appointment of ‘Key Managerial Personnel’ (KMP) which provides that every Company, belonging to such class or classes of company as may be prescribed, shall have a Company Secretary as whole-time key managerial personnel. Giving this information in written reply to a question in the Lok Sabha today Shri Sachin Pilot, Minister of Corporate Affairs, said that as per information provided by the Institute of Company Secretaries of India (ICSI), there are 28,719 members on the roll of Institute of Company Secretaries of India (ICSI). Further, 48,697 persons are pursuing the professional programme as on 31.03.2013. This number is likely to meet the current and emerging demands of the Corporate sector.

KKP/sg

(Release ID :95459)

Key managerial personnel requirement mandates a whole-time Company Secretary for prescribed companies, with professional supply capacity noted. Clause 203 of the Companies Bill, 2012 requires that every company of such prescribed class or classes shall have a Company Secretary as a whole-time Key Managerial Personnel. Information from the professional institute reports an existing membership roll and a larger number of students pursuing the qualification, suggesting supply capacity to meet the Bill's appointment requirement.