The government is looking to develop a single online compliance framework for India Inc to enable companies to comply with different regulatory requirements at one go, an official privy to the development said. “The idea is to reduce compliance burden,” a senior government official told ET.
The corporate affairs ministry has initiated discussions with various regulators including the Reserve Bank of India, Securities and Exchange Board of India (Sebi), and the Department for Promotion of Industry and Internal Trade, on the possibility of creating a single platform or compliance forms with common data sources, the official said.
Coming after other key initiatives such as one nation one tax, and faceless assessment under income tax, the move is expected to significantly boost ease of doing business in the country. The objective of the proposed single platform would be to integrate databases of the corporate affairs ministry (MCA) and other bodies to bring down duplication in filing, the official said.