Technology : Challenges & Opportunities for Company Secretaries August 21, 2014

You can't expect to meet the CHALLENGES of today with YESTERDAY'S TOOLS and expect to be in BUSINESS TOMORROW.

Development in past 2 decades Mobile Telephony & Internet Online Banking E – Commerce

Development in past 2 decades National E – Governance Plan MCA21

Internal Challenges

More Focus on legal recognition Limited Professional Development Lack of Entrepreneurial Skills Lack of Self Confidence No Mega firm of CS

Present way of working  Strategy  Problem Solving  Corporate Planning  Procedure Works

Regulatory shift towards technology

Towards Simplicity Self Governance E - Governance

Government Initiatives Fully integrated National E – Governance system by 2019 Aadhaar and National Citizen ID by 2017 E - Stamping DIPP e-Biz by 31 st December 2014 Extensive use of Cloud ERP software by 2017 Broadband highway and Digital India Broadband highway and Digital India

Companies Act, 2013 focus towards Information Technology

Technological move in Companies Act, 2013 E Voting Video Conferencing E Registry Legal Compliant Website E Recording

Technological move in Companies Act, 2013 Terms used in Companies Act, 2013Count Electronic Form (e-form)84 Electronic Mail76 Information to be put on website(s)51 Electronic Mode40 Electronic Means26 Video Conferencing21 Audio Visual Means20 Electronic Record19 Electronic Registry12 Voting by electronic means and electronic voting system9

Competitive Challenges

Global Competition CS, CA & CMA competing for same compliance services Private institutions getting recognition - CFA Private University becoming deemed university

What brings this Shift

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

Technological Advancement

 E Commerce wiping out middleman  Made the things more convenient for professionals  Capital & Technology replacing Labor  Consolidation of Market Players

Technological Advancement Social Media

Technological Advancement Software / Information web portal Many More……

Technological Advancement Apps Many More…… Notability Business Card Manager Lite Photomania BookmyshowGoogle map Bhagavad Geeta

Private Initiatives

Use of Technology to equip yourself

How learning process is evolving – Companies Act, 2013

How learning process is evolving – New Companies Act, 2013 New Law Act / Rules / Forms / Circulars / Notifications Query E – Books / Groups / Updates Procedure Software Future Present Strategy and Planning

Will Technology take away our work?

TECHNOLOGY TRANSFORMATION will not be WORK DESTROYER rather will be a WORK CREATOR

TRANSFORMATION is a part of life and has brought fabulous growth in the past…..

Transformation from Stock Market – Out-Cry-System

Transformation from Physical Share Certificates to Demated shares

Growth of 613% in Turnover of BSE and NSE observed in last 15 years

MCA21 : Paper based operations to paper less environment

Out of Total 14 Lacs Companies incorporated in India, near to 6 Lacs Companies incorporated in last 8 years over 100 Years and 8 Years Time PeriodNo. of Companies Incorporated in India Over 100 Years till Last 8 Years574546

…..

INR 2000 Cr INR 42,000 Cr E – Commerce Market Place in India

USD 20 Billion E – Commerce Market Place in India

MCA21 : 2 nd Phase

Nothing is permanent in TECHNOLOGY except CHANGE ………

Use Technology to Beat Technology

Knowledge Enhancement

Showcasing your experience

Business Development E - Networking

Business Management Virtual Database Management

Change of work Scenario By using Technology  Procedure Works  Strategy  Problem Solving  Corporate Planning

Strategy to beat challenges

What you should do Focus on areas where Computers can’t enter

What you should do Venturing unexplored areas

What you should do Diversification into new segments

What you should do Change in mindset

What you should do You can't do everything alone? But

Quality of Service Corporate Laws Economic Laws Taxation Laws WTO & IPR International Trade Law 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 So share business opportunities through tie-ups and synergize through C - COMMERCE

Success Mantra Knowledge + = C–Commerce IT Success +

Success Mantra Whether Professionals can grasp such changes?? “THE SURVIVAL MANTRA” Learn, Unlearn & Relearn

“The combination of HARD WORK and SMART WORK is EFFICIENT WORK ”

Success Mantra “Things will never be the same….. So change the future before future changes you”

Pavan Kumar Vijay Past President, ICSI Managing Director, Corporate Professionals Capital Pvt. Ltd.