The Hindu Business Line : Now, co secys look for role in entertainment sector

"There are a number of factors that make the Indian media and entertainment industry an attractive proposition today. Chief amongst these is the current expansion of the market. A much-needed corporatisation of the industry is beginning to take place with the growth of professional management and accountability and the introduction of insurance and completion bonds," sources in the Institute of Company Secretaries (ICSI) said.

In fact, realising the importance of the sector, the Union Government has granted the film sector `industry' status and has introduced `clean money' through State-controlled banks.

What would be the position of company secretaries in the value chain of this industry? A company secretary can be a compliance officer responsible for monitoring the compliance of the Act, rules, regulations, guidelines, notifications and circulars issued by the Securities and Exchange Board of India (SEBI), Government of India, institutions and other regulatory organisations. The CS would also be responsible for redressal of investor grievances, as these organisations have listed themselves on stock exchanges, ICSI official said.

Said an ICSI official: "The entertainment industry is largely an intellectual property-driven sector with small-to-large players spread across the length and breadth of the country. It has also seen a spate of public offerings. The industry today attracts applicability of various laws, including the Income-Tax Act, Copyright Act, Service Tax, Companies Act, Customs Act, Cable Television Networks (Regulation) Act, and various codes and guidelines relating to broadcasting, uplinking and the like issued by the Information & Broadcasting Ministry."

Commenting on the functions of a CS in employment in the industry, the sources said, "The entertainment industry is a unique mix of the unorganised and organised sector, with the former in higher proportion currently. The unorganised sector is, however, fast corporatising and the laws specifically applicable to the industry are at a nascent stage of implementation. In such a scenario, a CS has a dual role to ensure compliance, dissemination of information and transparency in transaction without offering additional information."

Regarding the functions of a CS in practice for the industry, an ICSI official stated, "A CS can help in compliance with various laws, do due diligence and certification, as well as represent the company before various statutory authorities and tribunals."

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