The Institute of Company Secretaries of India (ICSI) and the Institute of Cost Accountants of India (ICMAI) have called for the inclusion of their members in the definition of ‘accountant’ in a recently introduced bill.  

Both institutions are set up under Acts of Parliament and operating under the corporate affairs ministry. 

ICMAI has around 100,000 members, and ICSI has approximately 75,000 active members.  

In a release, ICSI stated that company secretaries should be included in the definition of ‘accountant’ as outlined in Section 515(3)(b) of the bill. 

The institute has expressed hope for a positive response from the government regarding the proposal. 

ICSI president Dhananjay Shukla explained that including company secretaries in the bill would ensure an adequate number of professionals who can meet the growing demand for compliance with tax regulations.  

He emphasised that company secretaries play an essential role in various legal and regulatory areas, including audits and certifications under different legislations. 

ICSI has addressed a letter to the finance minister, which highlights that company secretaries are authorised to issue various certifications and conduct audits in accordance with numerous government authorities.  

It read: “In view of the various recognitions available to Company Secretaries and the detailed coverage of the Accounting and Taxation papers in the curriculum of Company Secretaryship Course, it is submitted that Company Secretaries are very well conversant with the technicalities of the accountancy and taxation and are at par with other professionals.” 

This development follows ICMAI’s announcement of results for the Certified Management Accountant (CMA) December 2024 session.