Need to move from government regulation to self regulation, says Moily

New Delhi, Feb 16 (ANI): Union Corporate Affairs Minister Dr. M. Veerappa Moily said here today that there is an urgent need to move from government regulation to self-regulation.

Dr. Moily, while delivering his valedictory address at the 8th Corporate Registers Forum (CRF) 2012 , stressed on setting of norms and standards which attract international firms and setting of standard norms that help to improve good governance.

"Regulations can never be a substitute for personal integrity," he said.r. Moily said the present legal environment calls for unified regulatory prescription, as the corporates are operating across borders.

"As transparency and compliance has become a business need, the self regulation has also become a necessity of corporates. Thus, the legal system has to provide some broad framework focusing on key issues without getting into too much of documentations/filings," he said.

The Corporate Affairs Minister said each country should interact with other in respect of strengthening CRF and reinvent themselves - in terms of new learning, experiences. These have to be put up in their respective websites.

He said different processes are being adopted for common aspects like incorporation of companies and filing of charges . This meeting of regulators would strengthen the processes at country specific registrars through adoption of best technology/processes.

Dr. Moily expressed the hope that this meeting of registrars has been an effective tool in bringing uniformity in operations that would create business friendly environment for business. He thanked CRF for providing India an opportunity to organize this conference.

The Corporate Registers Forum, an international body of Registrars of Companies world over, organised its 8th Annual Conference from February 13 to 16 at New Delhi.

With members from 42 nations, the Conference was attended by over 130 delegates from member jurisdictions besides a host of other invitees. The event was hosted by the Ministry of Corporate Affairs and the institute of Company Secretaries of India (ICSI) was the knowledge partner for the event.

The Forum's Conference for year 2013 would be held in New Zealand. The Conference provided an excellent opportunity for India to showcase it growth and development story and specially the MCA-21 - an e-governance initiative implemented by the Ministry of Corporate Affairs. (ANI)