Company Secretary plays a very important role in the Corporate world. There many avenues were opened for company Secretary, the recent amendment of PMLA (Prevention of money laundering act2002) emphasis the role of company secretary as reporting entities under the PMLA Act necessitating their compliance with various obligation such as maintaining records of financial transaction, identifying and verifying clients and reporting suspicious transaction to the financial intelligence unit. The challenge of company secretary is very high these days where there were various opportunity to explore add value to the professional.
In addition to the PMLA, company Secretary can leverage his skills on the upcoming Data Privacy officer role. This role has a vide avenue to act as a Data Privacy officer in the company it’s a part of the data compliance. Therefore company Secretary role can become wider in terms of compliance function to the organisation. Company Secretary should be include as Compliance Officer in Digital Data base bill will give more accreditation into the professional at large.
In this evolving world professionals has improved and explore various domains. However Company Secretary still not raised the bar high. Unlike other profession, Company Secretary can be allowed to issue Tax Audit Report ,Forensic Audit report, FEMA related certification , business valuation and other certificates under General and Commercial laws. Company roles position opportunity were very high however they have limited exposure at present. If this presumption change by adding afore said roles Company Secretary will be benefited out of the opportunities in the Corporate world.
Company Secretary plays vital in all roles as a they should be allowed as Arbritrators even as a Associate member including or Practising Professional, The business opportunity for Company Secretaries bar rises In different avenues ,the CS professional in employment person, takes care as CS Professional a compliance matter they are capable to handle tax. Finance, Compliance and Legal. Therefore this Company Secretary need greater attention and a accredited recognition need at this point in time.
Company Secretary role is wider, now more attention needed to lift the professional, by change the myths as it’s only filling forms and preparing Annual Report job roles, CS has many verticals by supporting companies and management, in the recent times environment and Sustainability roles were getting more demanding, CS can grab opportunity in this space as well. Also, Climate Risk one of the important Topic which gets popular in global front CS can grab this domain as an global opportunity to enhance the knowledge and skills to report the Climate Risk as well.
Finally, Company Secretary plays a vital role in Organisation irrespective of private or listed company. In the recent market trends Company Secretary plays a act as gate keeper to protect company from the Regulators fines and Legal battles. Therefore appointment of company secretary in the company is not a Cost burden.
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