Minister of Finance and Corporate Affairs Nirmala Sitharaman on Thursday virtually launched Central Scrutiny Centre (CSC), an initiative of Corporate Affairs Ministry, to scrutinise the filings by users under straight through processes. The finance minister also launched the mobile app of Investor Education and Protection Fund Authority (IEPFA).
The two initiatives aim to strengthen Prime Minister Narendra Modi's vision of 'Digitally empowered India', the Ministry of Corporate Affairs (MCA) said in a release.
The objective behind the launch of CSC is to ensure that data quality is uncompromised and free from flaws, Sitharaman said. CSC will primarily scrutinise the filings made by users under straight through processes, identify data quality issues and irregularities, and communicate the same to the concerned Registrar of Companies so that corrective steps can be taken to restore authenticity and correctness of data and it can be seamlessly shared with other regulators, if required.
On IEPFA's app, Sitharaman said, "The mobile app aims at achieving the goal of financial literacy, spreading investor awareness, education, and protection among investors. Our prime goal here is to push Ease of Living."
The app will have the facility of tracking the status and progress of IEPF claim refund process. It will also provide a mechanism for investors and common citizens to report on suspected fraudulent schemes, the release said. Currently, the app is available on Android based devices and can be downloaded from PlayStore.
Going ahead, the finance minister said, MCA would bring in more tech-enabled services for 'ease of doing business' and ease of living for the people. The ministry, she said, has taken multiple initiatives in the last couple of years to improve 'ease of doing business' in the country.
"Considering the dynamic nature of corporate compliance and regulatory ecosystem, the MCA will continue to upgrade the sampling mechanism, process workflow and technology to address the needs of stakeholders and promote ease of doing business in India," the release quoted finance minister as saying.
The increase in number of companies incorporated in India even during the COVID-19 pandemic is the result of initiatives like introduction of integrated form SPICe+ & Agile Pro for incorporation of companies, which has provided one stop solutions to promoters desirous of setting up a business entity, she said.
"This year till February 2021, about 1.38 lakh companies have been incorporated as compared to about 1.16 lakh companies in the corresponding period of last year by Central Registration Centre, an increase of over 17 per cent," Sitharaman said.