BUSINESS

Field offices asked to undertake public outreach activities

Special Correspondent



‘Be responsive to institutional,

socio-economic changes’

Officials to work with the industry

with a sense of partnership



NEW DELHI: Corporate Affairs Minister Salman Khurshid has exhorted his Ministry to be responsive to the institutional and socio-economic changes taking place in the global and Indian business environment as its field offices are now faced with a challenge of achieving a fine balance between regulation, facilitation and development.

Addressing the ‘2009 All India Registrars of Companies Conference’ here earlier this week, which was attended by Regional Directors and Registrars of Companies, Mr. Khurshid pointed out that the Ministry has a much bigger responsibility towards the development of the corporate sector ever since it reinvented itself as the Ministry of Corporate Affairs.

Advising officials to work with the industry with a sense of partnership that is based on ‘trust but verify’ principle, he also asked his Ministry to develop the capability for intensive use of information technology (IT) tools as aids for enforcement work where symptoms in the form of early alerts were carefully examined to check the maladies in the functioning of corporate entities. Speaking on the occasion, Corporate Affairs Secretary R. Bandyopadhyay noted that while the field offices functioned as the eyes and ears of the Ministry, they needed to simultaneously assume the responsibility of being the arms and the face to the Ministry before a diverse set of stakeholders. He asked the field offices to undertake public outreach activities so that functioning of corporate India could be demystified before the common man.

During the conference, a number of issues related to enhancement of enforcement capabilities, developing regulatory practices in a partnership mode and upgradation of the physical infrastructure of field offices were discussed as it would enable the Ministry and its field offices to work more efficiently and effectively.