How would you substantiate the view that the members of the Institute of Company Secretaries of India (ICSI) are subject to disciplinary mechanism?

CS Executive · Company Law · PYQS · June 2019
How would you substantiate the view that the members of the Institute of Company Secretaries of India (ICSI) are subject to disciplinary mechanism?

Answer & Explanation:

The members of the Institute of Company Secretaries of India are subject to disciplinary mechanism under First and Second Schedule of the Company Secretaries Act as amended from time to time. Where a member is guilty of any professional or other misconduct mentioned in the First Schedule, the matter shall be placed before the Board of Discipline. Where a member is guilty of any professional or other misconduct mentioned in the Second Schedule or in both the Schedules, the matter shall be placed before the Disciplinary Committee. Where the Board of Discipline is of the opinion that a member is guilty of a professional or other misconduct mentioned in the First Schedule, it shall afford to the member an opportunity of being heard before making any order against him and may thereafter take any one or more of the following actions, namely:- reprimand the member; remove the name of the member from the Register up to a period of three months; impose such fine as it may think fit which may extend to rupees one lakh. Where the Disciplinary Committee is of the opinion that a member is guilty of a professional or other misconduct mentioned in the Second Schedule or both the First Schedule and the Second Schedule, it shall afford to the member an opportunity of being heard before making any order against him and may thereafter take any one or more of the following actions, namely: reprimand the member; remove the name of the member from the Register permanently or for such period, as it thinks fit; impose such fine as it may think fit, which may extend to rupees five lakhs.

Topics: Professional Ethics

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