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August 24, 2021
Event-Based Compliances are mandatory compliances which are beyond the usual and mandatory, periodically determined compliances made by the organization with ROC and other administrative authorities. These event-based compliances relate to any unscheduled or unforeseen tasks and events that occur as part of business proceedings in an organization.
For a new entity, registering a new business might seem significant. But once a private limited company is registered, as per the provisions of Companies Act, 2013, there are a lot of compliances that need to be obliged, especially event-based compliances.
While compliance automation tools help manage the process as expected, complying with event-based activities need raising tickets on the system.
Based on the criticality and the time-sensitive nature of compliances that involve events, our research showed that many clients were in favour of a DIY approach to filing such compliances. Especially since a sizable number of these mandates need to be filed within 15 minutes to 24 hours.
We encouraged our research and tech teams to come out with a suitable feature to address this pressing need of the market. The teams explored nearly three thousand event-based company compliances, required to stay legally comprehensive.
This is a first-of-its-kind functionality to be incorporated in the industry by Quant LegalTech. This feature has been added to its flagship legal tech product Complius.
Now compliance teams can directly try out and activate this new feature. For organizations that use Complius, one needs to just select the Event-Based Trackers tab, follow instructions and sequences and complete the obligation.
In stock, the event-based company compliances are one-time, frequent, or occasional reporting or agreements, which are both required by the concerned laws or are desirable, to remain legal perfect and protected.
ROC Event Based Compliances
A few examples of Event-Based compliances could be
To know more about how Complius can help integrate a strong culture of compliance, give us a call or write to us at email@example.com
– The author is CEO at Quant LegalTech