The role of compliance management software in India

Compliance management is becoming more and more difficult with each passing year as there are different regulatory authorities demanding different compliance requirements from the company as a whole and from directors and other top executives on individual level as well. Keeping a track of compliance requirement issued by individual authorities like Securities Exchange Board of India (SEBI), Finance Ministry, Industry & Commerce Ministries, Reserve Bank of India (RBI), State Government bodies, Income Tax department and many others becomes extremely difficult to comply. Compliance management software in India is the only automation solution that these companies and individuals are looking up to with great hopes. With the help of this software tool, multiple layers and multiple levels of compliance requirements can be fulfilled with much lesser efforts and within much lesser time.

Be it new regulations or changes in the existing ones or changes in the fees to be submitted to the authorities or the deadlines within which they need to be fulfilled, a compliance management software helps to address all the issues. It is difficult to image what would happen to the Company if it misses out fulfilling any regulatory requirements within the timelines. There is a very high likelihood of heavy penalties being levied on the Company and the Directors. There have also been cases where criminal proceedings have been initiated against the Directors as they failed to ensure compliance, some have also been put behind the bars. In rarest of the rare cases, the license of the defaulting companies have been withdrawn or revoked, bringing the existence of that Company to an end.

Therefore compliance management software products have become extremely crucial for smooth functioning of the company. LegiLens by Axar Digital Services Pvt. Ltd. is one such compliance management software that saves the day for the Company Secretary and the Directors governing the functioning of a Company.