Chartered Secretaries Act
The Institute of the Chartered Secretaries and Managers of Bangladesh (ICSMB) lodged the draft Act in late September 1998 proposing to the government to make appointment of Qualified Chartered Secretary in the public companies and other corporate houses mandatory. If enacted, the Act no doubt will help to develop the corporate management in the country.
In most of developed countries of the world, company secretaries are considered as chief administrators of the organisation and represent the company in the matters of corporate, legal and ministerial obligations. It may be mentioned here that other South Asian countries have also adopted similar laws and improved their corporate governance significantly. In India and Pakistan, it was enacted in 1980 and 1997 respectively.
So, today when the much awaited Central Depository System (CDS) has been launched and is recognised as a milestone in the capital market of Bangladesh, it is a dire need to enact the Chartered Secretaries Act and have it approved from the cabinet.
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