Finance Minister Nirmala Sitharaman, in a significant review meeting on Tuesday, directed the Ministry of Corporate Affairs (MCA) to radically simplify its processes and enhance user-friendliness. Emphasizing the need for modernization, she called for the creation of a live dashboard to bring greater transparency to the system.
Drive for Transparency and Modernisation
During the meeting with the Regional Directorates and Registrars of Companies (RoCs), Sitharaman underscored that India's ambition to become a developed nation hinges on timely upgrades to its systems. She stated that we are in an era where governance must be easy, transparent, and focused on facilitation. The MCA was instructed to build a live dashboard to ensure stakeholders have clear visibility into various processes.
Key Focus Areas and Directives
Detailed discussions covered a wide range of operational issues aimed at improving the ease of doing business. Key points included:
- Streamlining the processing of forms and fast-tracking mergers.
- Enhancing service delivery for company incorporation and voluntary exit.
- Advancing e-governance and harmonising various forms.
- Addressing matters related to adjudication, inquiries, and investigations.
- Simplifying prosecution, appeals, and compounding of violations.
The FM specifically told MCA officials to find effective ways to communicate legal requirements to stakeholders, ensuring better compliance. The MCA Secretary informed the Finance Minister that the ministry has already standardised its enforcement manuals and that a process for further rule simplification is underway to ensure transparent and timely delivery of services.
A Futuristic Vision for Corporate Governance
Sitharaman asserted that the MCA must adopt a futuristic approach, striving to serve all stakeholders in a time-bound manner. The driving principle, she said, should be to make governance a facilitator for growth, aligning with the broader vision of a developed India.
