Teamlease launches web portal to help firms navigate compliance repository

Companies are required to take care of 58,726 compliances, involving 1,074 Acts related to labour, finance, taxation, secretarial, etc

Teamlease Services has launched a web portal to help companies navigate through a plethora of regulatory compliance norms they are required to follow every year.

Teamlease Services, a human resource firm, launched a web portal www.teamleasecompliance.com through which companies in India can keep track of a comprehensive set of compliance rules and regulatory filings at the state, central and local level. It also launched a mobile application, Rulezbook App, for a similar purpose.

In India, companies are required to take care of 58,726 compliances, involving 1,074 Acts related to labour, finance, taxation, secretarial, commercial and industry specific rules and it involves 3,069 annual filings. Of this, most compliances are related to the labour laws, both at the state and the central level. 

“At present, there is no repository of this sort in the country. This is real-time in nature and companies can get regular updates on regulations and compliances delivered to them on e-mail based on their requirements. This is a free of cost service which will enable 'ease of doing business'," Rituparna Chakraborty, co-founder and executive vice-president at Teamlease Services said, while launching the product.

She said the service would help draw attention to policymakers to help them in their efforts “to reduce the regulatory cholesterol.” There are more than 2,500 changes in compliances norms every year, according to Teamlease, which will collect information onto their portal from over 2,000 regulatory websites through a dedicated team. “Firms rush to regulatory agencies to keep a track of policy changes. The web portal will help increase regulatory compliance of firms thereby helping organisation who are sitting on the fence to feel encouraged to become part of the formal set up,” Chakraborty said.

Teamlease wants the government to rationalise the number of compliances a firm needs to follow and called for the government to go for a single labour law code, instead of its planning to consolidated 35-odd labour laws into four codes. 

Besides, it also asked for simplification in regulatory filing along with complete digitisation of records.