Home / News / India /  75% companies find paper-based compliance complex: Survey

Mumbai: Around 75% companies had missed out on at least one critical compliance as they found the process complex and majorly still based in India, according to a recent survey by Avantis Regtech, a regulatory technology solutions company from TeamLease Services.

Nearly 98.6% employers have reiterated the need to digitise the compliance process in the country as they feel it would simplify and make the process easier to manage.

"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," said Rishi Agrawal, CEO, Avantis Regtech Pvt Ltd, adding that it thus becomes difficult for organizations to stay informed about these changes and ensure compliance in time.

The study analysed feedback from compliance professionals from more than 121 organisations across many different industries.

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.

The study said 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.

A 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 Agrawal.

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