New Delhi: Emphasizing on the need for fair and transparent business practices, Union Minister Nirmala Sitharaman on Tuesday said that regulators should be well advanced and ahead of the curve in understanding digitization to ensure that technologies Do not misuse
Sitharaman, who heads the finance and corporate affairs ministries, said the decade 2020 and above will be affected by digital means and also stressed that there should be a firewall mechanism in the context of digitisation.
Speaking at an event to flag off the prestigious day celebrations of the Ministry of Corporate Affairs as part of Azadi Ka Amrit Mahotsav (AKAM), he said that digitization will have an impact on the markets and then obviously, the Competition Commission India (CCI), the National Financial Reporting Authority (NFRA) and others will have to be ahead of the curve to see where regulations are falling, where regulations need to be strengthened, where regulations need a softer touch.
Underlining that there should be fair, accountable and transparent practices, the Minister said that everyone needs to be aware of the fact that digitization is pervasive in all aspects of the society.
“We cannot be behind the curve… Regulators have to understand at what level and with what effect they need to come in. We have to move well rather than getting caught unintentionally in a situation like this,” he said. Talking about the topic of digitisation, the Minister also said that it is great for the regulators and institutions to benefit from digitisation.
Also, there should be strong manpower, which constantly looks at the ways in which they can develop digital platforms built for our convenience and firewall mechanisms to protect the digital world.
“Every institution will have to pay equal attention to those experts who are to be deputed on an ongoing basis to understand the challenges and strengthen the firewall mechanism. Or else who have made our lives easier, who make our lives continuously. is making. Easy, the biggest (challenge) could be…,” she said.
Referring to the various institutions under the Ministry of Corporate Affairs, Sitharaman said the CCI, which “remains a shadow, but without affecting the functionality”, has made a major contribution.
“(It has been) … is making its presence felt but not trying to obstruct … controlling the merger in a very soft but important way, providing the necessary protection to the consumers …” he couple. Corporate Affairs Secretary Rajesh Verma said the ministry will come out with various tools, including compliance management, and stressed its focus on technology-driven platforms for ease of doing business.
He said that several measures have been taken in the last eight years to reduce the compliance burden. Minister of State for Corporate Affairs Rao Inderjit Singh also addressed the program.
On this occasion, the National CSR Exchange Portal was launched. Among others, a commemorative stamp on investor awareness was issued and a special window was introduced for those 75 years and above in respect of claims by IEPFA.
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