India Inc may soon get a single online compliance framework for various regulatory requirements, according to an Economic Times report. The initiative by the government will help the companies to comply with all the regulations at one go.
“The idea is to reduce compliance burden,” a senior government official told the newspaper.
The Ministry of Corporate Affairs (MCA) has started discussions with various regulators including the Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi), and the Department for Promotion of Industry and Internal Trade (DPIIT), on the possibility of creating a single platform or compliance forms with common data sources, the official told Economic Times.
The official said that the move is expected to give a huge boost to ease of doing business in the country. The single platform system will integrate the MCA database and other regulatory bodies and cut down on duplication of filings.
A new company now gets a permanent account number without making a separate application because of the integration of income tax and corporate affairs platforms as also nine more services including provident fund registration.
MCA is now looking to integrate various other platforms to ensure that companies don’t have to make multiple filings with multiple bodies including the regulators. Trade Receivables Discounting System (Treds) for micro, small, and medium enterprises (MSMEs) is also being integrated. In the proposed single platform, there can be an auto-fill system that pulls the required data from MCA-21, an e-governance initiative to enable easy access to MCA services.