Icai, Icwai & Icsi Merger Not On For Now

The Institute of Chartered Accountants of India (ICAI), the Institute of Cost and Works Accountants of India (ICWAI) and the Institute of Company Secretaries of India (ICSI) will not be merged, at least for now.

"At present, the three institutes have entered into a mutual understanding, that will allow them to share facilities and take common approach to issues," said P V S Jagan Mohan Rao, president of ICSI.

The institutes had entered into a merger agreement during mid-2000. However, things did not go as expected and differences of opinion cropped up, which resulted in the merger plan being abandoned.

 

"At present, we are involved in formulating common standards for corporate governance and secretarial standards. In the first phase, the standards, which include laying guidelines for board meetings, issuing notices, and deliberations, are only recommendatory at present. Later, these might be made mandatory, if the authorities find them worthwhile," Rao said.

He added, "The second phase will involve evolving a set of guidelines and standards for annual general meetings, extraordinary general meetings. The ICSI will also issue guidance notes on how the standards should be followed."

Meanwhile, the ICSI has signed an agreement with the Institute of Chartered Secretary of Administrators of UK, where Indian company secretaries will be eligible for a degree by appearing for three more examinations from the latter and vice-versa. This will enable Indians company sectretaries to practice in the UK and thus save on the cost of education there.