The Institute of Company Secretaries of India (ICSI) has advised Company Secretaries (CS) not to Form Multidisciplinary Firms till the Finalisation of Guidelines.
The ICSI informed the members that it is in the process of working out the modalities and regulating guidelines for the formation of multidisciplinary firms by its Members with Members of other professional bodies at level playing field.
In view of the above, Members are hereby advised to enter into such partnership with the Members of the other professional bodies only after the appropriate guidelines for the formation of such Multidisciplinary firms are notified by your esteemed Institute.
The Advisory is in continuation to the earlier Advisory dated February 11, 2021 wherein notified an amendment to the Company Secretaries Regulations, 1982 wherein the Institute has permitted its members to form a multi-disciplinary firm with professionals in other bodies.
As per the amendment a member in practice may form a multi-disciplinary firm with a member of other professional bodies as prescribed under regulations 168A and 168B in accordance with the regulating guidelines of the Council for functioning and regulation of such multidisciplinary firms.
An application is required to be made to the Institute for obtaining prior approval of the trade or firm name proposed to be used by the company secretary in practice or by a firm of Company Secretaries in practice or Multidisciplinary Firm.” The other professional bodies include the Institute of Chartered Accountants of India (ICAI), the Institute of Cost and Works Accountants of India (ICWAI), Bar Council of India, the Indian Institute of Architects (IIA), the Institute of Actuaries of India (IAI).