Secreterial Standards An Overview
Indian economy is growing at a fast pace. The economic policies of the country are being framed and developed with a view to meet the competitive markets at the international level. With the adoption of liberalisation, privatasitation and globalisation policy the market access is being increased. It is the need of the hour for any developing economy to maintain the status quo and further strive to improve it. In order to increase the share of Indian economy at the international level, it becomes necessary to put efforts from all the sectors. Government alone cannot be made responsible for the same. Even the corporate sector should be made responsible. After liberalisation and globalisation of the economy, gates were opened for private participation in various major sectors. Thus it is necessary to regulate the corporates with utmost due care. At the same time, it is necessary to maintain transparency in the daily practices. Maintenance of transparency in the day to day practices of the companies is necessary to build a strong investor base. This will help any company to enhance the stakeholder’s confidence in the company.
Secretarial Standard – Meaning:
A standard is a published document formulated by consensus and approved by a recognised body. Standards establish specifications and procedures designed to ensure the reliability of services to the stakeholders by establishing consistent protocols that can be universally understood and adopted. Secretarial standards are formulated by the Institute of Chartered Secretaries of India for the first time in the world in the year 2000. These secretarial standards are formulated with a view to improve the corporate governance practices.
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