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.

The definition of Secretarial Board Governance is commonly changed. It can be redefining as People will either mistake the term to mean “Executive Committee” or the team of boards and therefore different types of board governance.

Secretarial Board Management
Online secretarial compliance can be identified at the Avantis RegTech. In India 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).

Management Boards are essentially the legal guardians of a corporate entity or company. In a non-profit organization, the management board members are owners of the non-profit community. It is the board that organizes resources and takes action to fulfil the purpose of an organization. The type of organization may be private or may be limited liability as per the government rules.

Compliance officers can continue to expect to face complex challenges in the year ahead with regulatory change identified as the single biggest concern, according to the survey. The most common causes can create the trouble in the corporate operations of company are increasing regulatory burden, financial audit and identifying the applicable compliance.

Avantis RegTech identified the issues and with the help of legal resources and technology the AVACOM - secretarial management software has developed.

Non-compliance of laws and regulations is a noted fact in India, emanating enterprise risks and threatening the position of companies from regulatory side. For achieving desired results, it is important that regulatory measures are modelled based on the practices and business environment in India. This can be achieved only, when the Board and Promoters are embracing such reforms, in form and spirit.

Through that all, these firms seemingly have recognized that to have the best chance of thriving into the medium term, they need their risk and compliance officers to have an increasingly enhanced role within the business.

All these requirements are complex and requires in-depth understanding and expertise knowledge. Currently, these complex requirements are managed by Companies Secretarial departments or by the Practicing Professionals (PCS) manually with no technological support mechanism.

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