Single portal for all regulators: MCA

Taking further the e-governance initiative, the corporate affairs ministry today proposed setting up of a single portal to link businesses with various regulators and regulatory ministries.     

The portal, NexGen MCA21 aims at bringing in elements and concepts which would make it possible to take effective regulation and enforcement of the company laws and regulations at all stages, including inspections, investigations and prosecutions, MCA secretary Anurag Goel said speaking at a function here.     

The proposed single regulatory portal for businesses should be linked internally to various regulatory ministries and individual regulators so that business to government and regulations window is created for businesses, he said.     

Goel added that there should be use of artificial intelligence for alerting the regulators on corporate frauds.     

Citing examples from the World Bank report 'Ease of Doing Business' to point various problems entrepreneurs face while setting up a business in India, IT Secretary Jainder Singh said a multi-pronged strategy, including the improved regulation, policy formulation processes and better interface between the government and business should be put in place.     

He advocated pruning the procedures and emphasised immediate and efficient delivery of services.

He said that would help India in climbing up the ladder of 'ease of doing business'.    
Adding he said, the project MCA 21 is becoming popular which can be gauged from the fact the MCA portal gets 1.7 million hits per day.

The project has helped in corporate governance interaction, he said.