ICSI proposes changes in listing agreement

The Institute of Company Secretaries of India (ICSI) is seeking changes in the present listing agreement and will soon submit a model listing agreement to the market regulator, Securities and Exchange Board of India (SEBI).

Addressing a press conference, H M Choraria, president, ICSI, said that the model listing agreement has been prepared in tune with the present requirements.

"We will also suggest that the compliance of all the clauses of the listing agreement should be certified by practicing company secretaries every year," he said.

He added that the present listing agreement was drafted long back and a number of developments had taken place since then, which should be taken into consideration.

Moreover, the ICSI's model listing agreement has been designed to address security issues relating to both equity and debt markets while the present agreement deals more or less with the issues relating only to the equity market.

ICSI also consulted Bombay Stock Exchange and National Stock Exchange while drafting the model listing agreement, he said. The model agreement will be user-friendly and takes into consideration an overall view of the market.

Highlighting other initiatives in the model, he said that ICSI had decided to focus on smaller towns to woo more students into company secretary profession. It is also planning to have tie-ups with colleges and institutes in smaller towns.

"The profession is on the upswing. There will be huge demand for competent professionals and the company secretary profession offers excellent career opportunities," he added.

Preeti Malhotra, vice president, ICSI, said that the body had submitted a proposal for labour law compliance audit by practising company secretaries. It is planning to conduct a national seminar in Delhi during next week to create awareness among the industry, government and trade unions.

"Company secretaries as independent professionals can certify for compliance of various labour norms. This will add value to corporates and to the labour departments," she added.