Average Salary of Company Secretary in India
In corporate governance, company secretaries ensure regulatory compliance and maintain transparent communication between a company’s board of directors, management, and shareholders. As critical advisors, they facilitate smooth functioning and bridge legal requirements and business operations. This article delves into the various aspects influencing the average salary of company secretaries in India and how professionals can enhance their earning potential in this esteemed profession.
The average salary of a company secretary in India varies depending on various factors, such as the company’s size, the industry, and the experience of the company secretary. According to payscale.com, the average salary of a company secretary in India is around Rs. 6 lahks per annum. This figure may vary depending on the factors mentioned above.
Who is a Company Secretary?
A company secretary is a professional responsible for ensuring that the company complies with all the legal and regulatory requirements. They act as an advisor to the board of directors on matters related to corporate governance. They are responsible for maintaining the company’s books and records, organizing committee and shareholder meetings, and ensuring the company complies with all the relevant laws and regulations.
A company secretary is an integral part of any organization. They play a crucial role in maintaining the company’s compliance with legal and regulatory requirements. They act as a bridge between the board of directors and the shareholders. They are responsible for informing the board of directors about the company’s compliance with the laws and regulations. They also ensure that the shareholders know the company’s financial position.
Eligibility Criteria to Become a Company Secretary
To become a company secretary in India, a person must have completed the Company Secretaryship course offered by the Institute of Company Secretaries of India (ICSI). The course is divided into three levels- Foundation, Executive, and Professional. A student can enroll for the Foundation course after completing their 10+2. After completing the Foundation course, a student can enroll in the Executive class. After completing the Executive course, a student can enroll in the Professional course.
Institute of Company Secretaries of India
The Institute of Company Secretaries of India (ICSI) is a professional body established under the Company Secretaries Act 1980. It is the statutory organization in India responsible for regulating and developing the profession of Company Secretaries.
ICSI’s main objective is to promote and regulate the profession of Company Secretaries in the country. It plays a significant role in setting professional standards, conducting examinations, and providing education and training to aspiring Company Secretaries.
Essential functions and responsibilities of the Institute of Company Secretaries of India (ICSI) include:
Education and Training: ICSI offers a comprehensive education and training program for individuals aspiring to become Company Secretaries. It conducts examinations at different levels, namely Foundation, Executive, and Professional, to qualify as a Company Secretary.
Professional Development: The Institute focuses on enhancing the skills and knowledge of Company Secretaries through continuous professional development programs, workshops, and seminars.
Regulation and Disciplinary Actions: ICSI regulates the conduct of its members and takes appropriate disciplinary actions in cases of professional misconduct or violation of the Code of Conduct.
Publication and Research: ICSI publishes research journals, articles, and other magazines related to corporate governance, company law, and relevant subjects to promote knowledge and awareness.
Promoting Corporate Governance: The Institute emphasizes the importance of good corporate governance practices and encourages their adoption by companies.
Representation: ICSI represents the profession of Company Secretaries to the government, regulatory authorities, and other stakeholders, advocating for the interests of its members.
Collaboration: ICSI collaborates with other professional bodies and organizations within India and internationally to promote the profession and foster professional development.
Becoming a Company Secretary involves completing the ICSI examinations, practical training, and gaining relevant work experience. Once qualified, Company Secretaries play a vital role in advising companies on legal compliance, corporate governance, and other crucial corporate matters.
ICSI’s efforts contribute to maintaining the highest standards of professionalism and ethical conduct among Company Secretaries, making them integral members of the corporate world in India.
Roles and Responsibilities of a Company Secretary
The roles and responsibilities of a company secretary include ensuring compliance with legal and regulatory requirements, maintaining the company’s books and records, organizing board and shareholder meetings, and advising the board of directors on matters related to corporate governance. They also bridge the board of directors and the shareholders, ensuring they are informed about the company’s financial position.
Factors Affecting the Salary of a Company Secretary
The salary of a company secretary is affected by various factors such as the company’s size, the industry, and the experience of the company secretary. The salary of a company secretary in a large company is usually higher than that in a small company. Similarly, the wages of a company secretary in a high-paying industry such as finance or IT is generally higher than in a low-paying industry. The experience of the company secretary also plays a crucial role in determining their salary. The more experienced a company secretary is, the higher their pay will likely be.
Future Scope of Company Secretary in India
The future scope of the company secretary profession in India looks promising. With more and more companies being established in India and the increasing focus on corporate governance, the demand for company secretaries is likely to increase. The Indian government has also taken various initiatives to promote the profession of company secretaries, which is expected to increase the demand for this profession further.
How much does a Company Secretary earn in India?
The salary of a Company Secretary in India varies based on multiple factors such as experience, industry, location, and company size. According to the Institute of Company Secretaries of India (ICSI), the average salary of a Company Secretary in India ranges from INR 4 lakhs to 12 lakhs per annum.
This is only an indicative figure, and the salary may vary widely based on the individual’s qualifications, skills, and experience. Senior-level Company Secretaries with many years of experience can earn higher wages, with some earning upwards of INR 20 lakhs per annum or more.
Additionally, the salary offered by companies can vary depending on the industry. Companies in the financial sector and larger corporations offer Company Secretaries higher salaries than smaller organizations.
It’s essential to research current market trends and salaries offered by various companies before negotiating a salary package.
FAQs
What are the eligibility criteria to become a company secretary in India?
To become a company secretary in India, a person must have completed the Company Secretaryship course offered by the Institute of Company Secretaries of India (ICSI). The course is divided into three levels- Foundation, Executive, and Professional.
What is the average salary of a company secretary in India?
According to payscale.com, the average salary of a company secretary in India is around Rs. 6 lahks per annum.
What are the roles and responsibilities of a company secretary?
The roles and responsibilities of a company secretary include ensuring compliance with legal and regulatory requirements, maintaining the company’s books and records, organizing board and shareholder meetings, and advising the board of directors on matters related to corporate governance.
What factors affect the salary of a company secretary?
The salary of a company secretary is affected by various factors such as the company’s size, the industry, and the experience of the company secretary.
What is the future scope of the company secretary profession in India?
The future scope of the company secretary profession in India looks promising. With more and more companies being established in India and the increasing focus on corporate governance, the demand for company secretaries is likely to increase.
How can one increase their salary as a company secretary?
One can increase their salary as a company secretary by gaining more experience in the field, acquiring additional certifications, and expanding their skillset. Networking and building relationships with industry professionals can help find better-paying job opportunities. Working for larger companies in high-paying industries can also earn a higher salary.
Conclusion
In conclusion, the role of a company secretary is essential in any organization. They are responsible for ensuring that the company complies with all the legal and regulatory requirements and play a crucial role in maintaining the corporate governance of the company. The average salary of a company secretary in India is around Rs. 6 per annum. It is affected by various factors such as the company’s size, the industry, and the experience of the company secretary. The future scope of the company secretary profession in India looks promising, and it is a good career option for students interested in corporate governance.
