ICSI expects deal on limited liability partnership soon
India has close to 40,000 company secretaries, which is the highest in the world
 "ICSI expects deal on limited liability partnership soon")
“At a recent meeting in New Delhi with the ICAI and the ICWA, we have agreed to come out with some sort of guidelines or dos and dont's with respect to LLP. We all have agreed we would allow our members to form LLPs. At present, all three of us have reservations on becoming partners,” said ICSI president Atul H Mehta, here today.
The need for a clear agreement on it is being felt as the practising members of the three professions allege each other of intruding into their regulated domain.
“While a practising chartered accountant working on company laws can take up some of the corporate law work, the regulatory guidelines do not fully permit him to bypass the role of a CS. At certain places, according to the law, a CA cannot do the work of a CS,” said Mehta.
Also, he said the New Companies Act limits partnerships with other professions in an LLP.
Demand for CS’ on the rise
Mehta said the industry demand for company secretaries is set to rise as more and more companies would comply with the guidelines of the New Companies Act going ahead.
He said the annual supply of company secretaries is currently at 3,500, which is slightly lower than the real demand. According to him, India has close to 40,000 company secretaries, which is the highest in the world.
ICSI said works on the new Centre of Excellence coming up here were progressing well.