In this article we are discussing about the board management operations and need of its automation. Boards are essentially the legal guardians of a corporate entity. In a non-profit organization, the board members are owners of the non-profit community.

An Overview of Secretarial Compliances in India
Companies Act 2013 has significantly enhanced the disclosure requirement by companies and its Directors to Shareholders and various Statutory Authorities like Registrar of Companies, Stock Exchanges, etc. Additionally, multiple penal provisions had been introduced around imprisonment and significantly high monetary penalties.

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It is the board that organizes resources and takes actions to fulfill the purpose of an organization. To maintain a high level of accountability, board decisions must be backed by coherent policies. The board’s scope of authority must be clearly defined for the members, and the board must decide upon a set of parameters to guide all board decisions. In this way, the board has a structure to approach unexpected issues and concerns without straying from the organization’s best interests. The fillings and decisions must keep confidential to maintain the privacy of board decisions.

Evolution of Board Governance
In summary, Board Governance simply means the scope of a board’s responsibilities. The range of these responsibilities is different for for-profit and not-for-profit sectors and changes from organization to organization. At its core, it involves a group of Board Directors that shares joint responsibility in the financial and organizational well-being of an institution. As more legal limitations and ramifications develop, board governance will evolve, but the essential elements remain.

Currently, the Act requires 661+ compliance and 100+ filings applicable to various types of companies and these rules and regulations are amended very frequently by the Ministry of Corporate Affairs (MCA).
All these requirements are complex and requires in-depth understanding and expertise knowledge. Currently, these complex requirements are managed by Companies can be fulfilled by SaaS based Avacom – Board Management Software developed by Avantis RegTech.

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