IICA To Submit Corporate Compliance Reform Report To FM By End-June

It seems the Indian Institute of Corporate Affairs (IICA), a think tank under the Ministry of Corporate Affairs (MCA), government of India is in mission mode to modernise India’s corporate compliance frameworks. Last weekend, IICA Director General & CEO Gyaneshwar Kumar Singh and his core team visited Bhubaneswar, Odisha. His trip to Odisha was meant for securing a structured stake-holders feedback, getting suggestions to finalise the next chapter of India’s corporate compliance architecture. Reportedly, his objective for the Odisha trip was a focused one — to modernise corporate compliance frameworks in India through consultations, being aligned with national priorities and imbibing global best practices factoring national priorities. What seems clear is IICA now wants to migrate from form-based compliances to fully digital automated data-centric secured filing systems. The job role for Singh backed by eminent industry leaders, advisors from Tata, IOCL, NTPC, Reliance is cut out. He needs to bring in ease of doing business, simplifying procedures, digitise compliances under the Companies Act. Rumour is IICA is likely to submit its comprehensive recommendatory action plan to the finance minister Nirmala Sitharaman by end June.