It's not that these companies do not want to hire a professional company secretary, but there is a perennial mismatch in the demand-supply equation. In other words, there is a huge demand for company secretary professionals, but not many possessing the requisite qualification in the market to fill in the slot.

At present, there are over 2 lakh students who have registered with the Institute of Company Secretaries of India (ICSI), B P Dhanuka, president, ICSI, said recently. Yet the demand-supply mismatch continues. Part of the problem, explains Dhanuka, is that the curriculum for clearing the examinations is rather difficult.

A company secretary, essentially being a quasi-judicial officer of the company, is expected to be conversant with the various statutory provisions governing a company. That is, there is apredominance of rules and regulations and other statutory laws forming part of the curriculum.

Also, when it comes to an individual's notion of a company executive's job, the preference is for the more glamourous MBA degree, despite the huge fee one would have to shell out to go to a B-School.

The ICSI, however, is going full steam ahead with making company secretaryship a more attractive career option. Towards this end, ICSI has signed a memorandum of understanding with the Institute of Chartered Secretaries and Administrators (ICSA), London. Both the institutes have agreed in principle on paper-wise exemption on mutual basis, Dhanuka said. The agreement between the two institutes will also cover areas such as sharing of information, exchange of faculty, etc. Students clearing the final examination of ICSI will automatically qualify for ICSA and vice versa.

The agreement with ICSA should open up a whale of opportunities for company secretaries in these liberalised times. This is because ICSA hasbeen recognised in about 120 countries including the Commonwealth countries.

For recognition with the ICSA, a company secretary qualifying in India will however, have to appear for three papers -- UK Companies Act, UK Companies Practice, UK Companies Administration -- offered by ICSA, getting exemption in over 14 papers of ICSA. In return, ICSI offers exemption in 170 papers to ICSA accredited students, who however, will have to clear three papers offered by ICSI.

The agreement with ICSA opens up opportunities for Indian company secretaries to seek employment abroad as also in multinationals setting up business ventures in India, Dhanuka said.

ICSI has also set up a Centre for Corporate Research & Training (CCRT) at Navi Mumbai to provide training in corporate laws, economic legislations and other areas. The institute will hold residential and non-residential training and professional development programmes. Plus, it will undertake consultancy services and research projects on corporates.

ICSI hasalso signed a memorandum of understanding (MoU) with the National Law School of India University (NLSIU) in Bangalore. Company Secretaryship qualification and membership have been recognised by NLSIU for the purpose of registration for its Ph.D course.

As the economy opens up, ICSI envisages increased opportunities for company secretaries. Towards this end, the institute has created a separate placement cell and has constituted a sub-committee for placement and training. The institute is getting in touch with the industry and trade for organising campus interviews for qualified company secretaries. ICSI has strengthened the data base of the members for upward mobility, Dhanuka said.

ICSI is working with various statutory bodies to find slots for company secretaries in corporate management, which will be over and above the statutory role of legal compliance they now have. Securities and Exchange Board of India (Sebi) chairman D R Mehta has agreed to include a company secretary in all the committees thatSebi would constitute in the future, Dhanuka said.