India Inc to observe October 10 as 'Compliance' Day

Mumbai: India Inc will observe October 10 as the 'compliance day for laws', being organised as a part of the week-long series of deliberations and workshops around the across the country starting from Monday.

Scoring anything short on 10 on 10 on compliance would render individual and organisations vulnerable on compliances, especially as the cost of non-compliances has risen exponentially, said a release by Mumbai-based Legasis which is organising the 'Compliance and Ethics' Week.

The event would be flagged off in Pune on Monday and in the next three days from October 7, ten members of Legasis team will visit various locations across 10 states. The visits will highlight the importance of culture of compliance with poster campaigns, a presentation empowering the compliance executives and interactive sessions.

Tata Steel, Tata Motors, Wells Fargo, Volkswagen, Adani Group, Sesa Goa and NFCL are among the companies where deliberations and workshops are being organised during the event, the release said. On October 10, an interactive workshop would be held in Mumbai on 'Criminalisation of Indian Business' which will be attended by compliance and ethics professionals.

Eminent panel members will share their experiences on regulators, governmental authorities, local governments, specialised bodies such as SEBI, CCI and others appearing to be competing with each other to collect as much fines as they can and penalise the business for any wrongdoing, it said.

"It is our belief that high ethical quotient, uncompromising compliance culture and strong governance practices benchmarked with global practices such as the OECD guidelines, would provide competitive edge to Indian companies," Legasis Services founder director Suhas Tuljapurkar said.

"By reinforcing compliance, our attempt is to enhance India's ranking in Global Integrity Index," he added. "With overall economy's impetus on development and growth, behaviour has become imperative for Indian business now to focus on governance and compliance," Legasis Services CEO Debashis Roy said.

The event will conclude on October 10 with a compliance awards ceremony followed by a panel discussion on critical developments in domain of compliance. A knowledge portal developed by Legasis on industry best practices for compliance management throughout the year will also be inaugurated on October 10, the release added.