The Union Cabinet chaired by Prime Minister Narendra Modi has approved the signing of a Memorandum of Understanding between India and Malaysia for Mutual Cooperation to raise the status and prestige of the Practicing Company Secretary in both countries, and to facilitate the movement of the Company Secretaries across borders in the Asia-Pacific Region.

Point-wise details

Approval of the Cabinet is in respect of Memorandum of Understanding (MoU) between the "Institute of Company Secretaries of India (ICSI)" and "Malaysian Association of Company Secretaries (MACS)" to strengthen cooperation and to raise the status and prestige of the Practicing Company Secretary in both jurisdictions and to facilitate the movement of the company secretaries across borders in the Asia Pacific region.

Background:

Institute of Company Secretaries of India (ICSI)" is a statutory body established an Act of Parliament of India, i.e The Company Secretaries Act, 1980 (Act No. 56 of 1980), to develop and regulate the profession of Company Secretaries in India. Malaysian Association of Company Secretaries (MACS)" is a Malaysian professional body of Company Secretaries whose core objective is to improve and advance the professional competence and status of Practicing Company Secretaries in Malaysia.

Mutual recognition and cooperation in company secretary qualifications to enhance cross border professional mobility and standards. A bilateral Memorandum of Understanding creates a cooperation framework to strengthen the Company Secretary profession by raising professional status and facilitating cross border mobility of practicing company secretaries in the Asia Pacific region through recognition, capacity building, and exchange mechanisms agreed by the respective professional bodies.