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Encouraged by the recent statutory recognition under Arbitration law, the Company Secretaries Institute will now do “capacity building” among its members to perform the role of arbitrators, said its President Ranjeet Pandey.
“We (ICSI) will very soon launch a certification course on arbitration that our members are supposed to undergo. We want to train our members on aspects like how to draft arbitral awards and how to give a patient hearing to clients,” Pandey told BusinessLine .
Pandey sees ‘Arbitration’ besides ‘valuation’ and ‘insolvency’ as new avenues for professional growth for company secretaries.
It may be recalled that Parliament had recently approved the Arbitration and Conciliation (amendment) Bill 2019. This Bill received the Presidential assent on August 9. Among the several significant changes to the law include specific provision allowing company secretaries with at least 10 years of practice experience to take up the role of arbitrator.
About 6,000 companies secretaries out of the 11,000-odd company secretaries in practice will be eligible under the specified criteria to take up role of arbitrator, according to Pandey.
The ICSI also plans to work with industry associations and chambers of commerce to spread the word around that company secretaries could now perform the role of arbitrators for commercial disputes.
Disciplinary mechanism
As part of its digital initiatives, ICSI has decided to put its disciplinary mechanism under an online platform. From filing of new cases; status of existing disciplinary matter to information on concluded cases, all this can be accessed from a digital portal, Pandey said.
This is expected to go live in the next few months and a request for proposal has been issued, he said.
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