Avantis Regtech, a leading regulatory technology solutions company from the house of TeamLease Services, shared findings of their recent survey on the compliance landscape in India. According to the survey close to 75% of the companies had missed out on at least one critical compliance because compliances are complex and majorly still based in India. In fact, while responding to the survey, nearly 98.6% employers have reiterated the need to digitise the compliance process in the country as they feel that it would simplify and make the process easier to manage.
Addressing the regulatory cholesterol in India and sharing insights on the survey, Mr Rishi Agrawal, CEO, Avantis Regtech Pvt Ltd – A TeamLease Group Company, said, “Managing compliance in India is an up-hill task, as the landscape is very complex. We have a universe of 1,536 Acts and 69,233 Compliances that change over 3,000 times a year. Each company not only has to deal with multiple compliance requirements but also numerous deadlines. It thus becomes difficult for organizations to stay informed about these changes and ensure compliance in time. Further, to make matters more complex out of the compliance landscape close to 65% are still paper based making the process even more cumbersome. All of this not only leads to fines and penalties for organizations, but also impacts India’s ease of doing business”.
Delving deep into the study, some of the other key findings include:
“The need of the hour is to simplify, rationalize, digitize and de-criminalize the regulatory ecosystem to create a cashless, presence less and paperless compliance process. One of the major aspect that should be considered to improve the ecosystem is setting up of a National Compliance Commission which should aim to reduce the compliance burden by at least 50%. Additionally creating a Unique Enterprise Number (UEN) (for creating a single corporate identity) and launching an Enterprise Digi Locker will enable better compliance profiling of companies. All of this will help to eliminate redundancy, remove duplication, improve record keeping, in turn making the whole process faster and seamless”, added Mr Agrawal.
A focussed survey, the study analysed feedback from compliance professionals from more than 121 organisations across different industries.