Reach out to corporates and help them make their compliances appeals minister

Shri Salman Khurshid Asks His Ministry’s Field Officers to Reach Out to the Corporates and Help Them Make Their Compliances upto-Date

All India Conference of Regional Directors of Ministry of Corporate Affairs, Registrars of Companies and Official Liquidators Begins

Shri Salman Khurshid, Minister for Corporate Affairs, has said that the focus of his Ministry as well as the field offices should be on enlightened regulation and the field officers assume the responsibility of a dual role of being a regulator as well as an educator. Addressing the two-day All India Conference of Regional Directors, Registrars of Companies and Official Liquidators of the Ministry of Corporate Affairs here today Shri Khurshid asked the field officers to reach out to the corporates and help them in making their compliances upto-date. The Minister also said that the Ministry will be upscaling its investor awareness activities in a big way and will be organizing the first India Investor Summit in July this year. The Ministry, along with other organizations, will also get 1500 investor awareness camps organized throughout the country during 2010-11, he said.

Secretary, Corporate Affairs, Shri R.Bandyopadhyay in his address to the officers stated that the functioning of the field offices of the Ministry has improved during the last few months. He assured the field officers that the Ministry will take care of their problems related to infrastructure, human resources and personnel matters but they need to assure the Ministry about their efficient and transparent working. He also stated that non-filing of the statutory returns by a significantly large number of companies remains an issue of serious concern and the problem needs to be addressed comprehensively. He also informed the field offices about the interest generated during the ‘India Corporate Week’ held in December, 2009 and stated that the Ministry along with its partner institutions as well as the field offices, will concentrate on the investor awareness and education during the current financial year as outlined by the Minister.

The officers were also addressed by the Deputy CAG, Shri Sunil Verma, who stated that the offices of the CAG and the Ministry should work in a coordinated manner so as to improve the compliance framework of the State Owned Enterprises. The officers of the Ministry were exposed to the functioning of the National Stock Exchange along with a live demonstration of the trading process by the Managing Director of NSE.

During the 2-Day Conference, the field officers along with the officials of the Ministry will be deliberating on various issues related to MCA 21, Monitoring of IPO funds, e-Governance of the Official Liquidators business process, vanishing companies and other regulatory matters.