Technology: Challenges and Opportunities for Company Secretary

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Technology and mainly Information Technology has made the knowledge available in digital form and we have easy access to information for reference at any time. This brought both challenges and opportunities for the professionals like Company Secretaries.

As the law has permitted the use of IT in many procedures such as compliance, payments etc., it also expects proficiency in knowledge and efficiency in work from the professionals. Now the mantra of survival and success of a Company Secretary is proper application and management of knowledge, resources and time to compete. There is limitless scope of expanding the horizon for the profession.

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Technology: Challenges and Opportunities for Company Secretary

  1. 1. Technology: Challenges and Opportunities for Company Secretary By: Pavan Kumar Vijay
  2. 2. You can't expect to meet the CHALLENGES of today with YESTERDAY'S TOOLS and expect to be in BUSINESS TOMORROW.
  3. 3. Mobile Telephony & Internet Online Banking E – Commerce National E – Governance Plan MCA21 Developmentinpast2decades
  4. 4. Internal Challenges
  5. 5. InternalChallenges More Focus on legal recognition Limited Professional Development Lack of Entrepreneurial Skills Lack of Self Confidence
  6. 6. Presentwayofworking  Strategy  Problem Solving  Corporate Planning  Procedure Works
  7. 7. Technological Challenges
  8. 8. TechnologicalChallenges E Commerce wiping out middleman Financial decisions & legal compliances are becoming automatic Financial and Secretarial software and websites make it easy that one professional can handle any number of companies Capital & Technology replacing Labor Consolidation of Market Players
  9. 9. Regulatory shift towards technology
  10. 10. Regulatoryshifttowardstechnology Towards Simplicity Self Governance E - Governance
  11. 11. Competitive Challenges
  12. 12. CompetitiveChallenges Global Competition CS, CA & CWA competing for same compliance services Private institutions getting recognition - CFA Private University becoming deemed university
  13. 13. What brings Challenges
  14. 14. Globalization
  15. 15. Globalization Free and fair trade and vanishing Economics Boundaries UN, WTO, WB, IMF, OECD, ADB and ICC are standardizing rules for international trade Single law for trade and commerce
  16. 16. Technological Advancement
  17. 17. TechnologicalAdvancement Social Media Software
  18. 18. TechnologicalmoveinCompaniesAct,2013 Words Count Electronic Form (e-form) 84 Electronic Mail 76 Director Identification Number 74 Information to be put on website(s) 51 Electronic Mode 40 Electronic Means 26 Video Conferencing 21 Audio Visual Means 20 Electronic Record 19 Electronic Registry 12 Voting by electronic means and electronic voting system 9
  19. 19. GovernmentInitiatives Government Initiatives Fully integrated National E – Governance system by 2019 National Citizen ID by 2017 E - Stamping DIPP e-Biz by 31st December 2014 Extensive use of Cloud ERP software's by 2017
  20. 20. PrivateInitiatives
  21. 21. UseofTechnologytoequipyourself
  22. 22. How technology is creating knowledge and sharing knowledge
  23. 23. Howtechnologyiscreatingknowledgeandsharing knowledge New Law Act / Rules / Forms / Circulars / Notifications Query E – Books / Groups / Updates Procedure Software FuturePresent Strategy and Planning
  24. 24. Will Technology take away our work?
  25. 25. TECHNOLOGY TRANSFORMATION will not take away our work rather it is going to MULTIPLY OUR WORK
  26. 26. Transformation is a part of life and has bought fabulous growth in the past…..
  27. 27. Transformation from Stock Market – Out-Cry-System
  28. 28. Transformation from Physical Share Certificates to Demated shares
  29. 29. Turnover of BSE 0 5000 10000 15000 20000 25000 30000 1996 2000 2005 2006 2014 BSE_SENSEX
  30. 30. MCA21 : Paper based operations to paper less environment
  31. 31. Future ki Jhalak…..
  32. 32. INR 2000 Cr INR 42,000 Cr E–CommerceMarketPlaceinIndia
  33. 33. USD 20 Billion E–CommerceMarketPlaceinIndia
  34. 34. MCA21 : 2nd Phase
  35. 35. Use of Technology to Beat Technology
  36. 36. ChangeofworkScenarioByusingTechnology  Procedure Works  Strategy  Problem Solving  Corporate Planning
  37. 37. What you should do ?
  38. 38.  Focus on area’s where Computers can’t enter Whatyoushoulddo
  39. 39. Venturing unexplored areas Whatyoushoulddo
  40. 40. Diversification into new segments Whatyoushoulddo
  41. 41. Whatyoushoulddo You can't do everything alone? But
  42. 42. Whatyoushoulddo Move to C – Commerce Brand Knowledge Infrastructure Capital Synergy of
  43. 43. Quality of Service Corporate Laws Economic Laws Taxation Laws WTO & IPR International Trade Law IT & BPO Management Consulting Finance and Accounting Commerce Brand Synergy Infrastructure Synergy Capital Synergy Collaborative Commerce Single Window Interface Knowledge Synergy Global Presence Growing Revenues Growing Customers Growing Nations CS + CA + CWA + MBA + LLB
  44. 44. SuccessMantra Knowledge + = C–Commerce IT Success +
  45. 45. SuccessMantra Whether Professionals can grasp such changes?? “THE SURVIVAL MANTRA” Learn, Unlearn & Relearn
  46. 46. “The combination of HARD WORK and SMART WORK is EFFICIENT WORK”
  47. 47. SuccessMantra “Things will never be the same….. So change the future before future changes you”

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