Presentation is loading. Please wait.

Presentation is loading. Please wait.

Regulatory convergence Technology Innovative professionalism Vijaya Sampath Bharti Group ICSI National Convention 14 October 2011, Agra.

Similar presentations

Presentation on theme: "Regulatory convergence Technology Innovative professionalism Vijaya Sampath Bharti Group ICSI National Convention 14 October 2011, Agra."— Presentation transcript:

1 Regulatory convergence Technology Innovative professionalism Vijaya Sampath Bharti Group ICSI National Convention 14 October 2011, Agra

2 The impact of convergence upon regulation will probably far exceed the impact of regulation upon convergence. So the great question for the future is not how convergence can, or should be regulated but how regulation must change in the light of convergence Fali Nariman committee on convergence in 2000

3  Increasing outbound M&A transactions : global foot print  Urge to change “Emerging” status to developed economy  Classic economics : movement of capital, people, assets, organization : eliminate barriers over time  Dismantling of state monopolies: Aviation, Telecom, Power, Infrastructure and PPP model  Geographic concentration of industries for economic efficiency  Rise in economic power directly proportional to increase in political influence on world stage  Optic fiber and capital markets link what geographic boundaries and tariffs kept apart Drivers of effective policy and law

4  India low on competitiveness ranking (overall 56, burden of government regulation 97, basic requirements 91)  Self inflicted wounds: restrictions imposed by government policies  Progress across select but critical sectors neither consistent nor fast enough  Archaic and obsolete laws/ regulations out of sync with times  Internecine strife between various vested interests : crab theory  Low impetus to real economic growth: many impediments  Holistic and concerted effort required: giant leap forward not small hesitant steps Need for regulatory convergence

5  Enhance the role of competition in government policy at centre and state levels : uniform access to markets  Effective mechanism for synergy between sectoral regulations and CCI – complementary Vs contradictory  Culture to enhance competition in domestic, local and international markets: larger public good and consumer welfare  Create a framework of policies and regulations to facilitate competitive outcomes in the market : harmonious construction  Provide a platform for efficient business environment and resource allocation : equal treatment and equitable opportunity  Prevent abuse of market power and promote good governance : effective implementation of regulations  Policies for economic incentives to pursue productive efficiency and quality innovation: promote entrepreneurship Laudable objectives: National Competition Policy

6  Dealing with multiplicity and complexity - Jurisdictional and regulatory overlap - Separation between policy making, operations and regulations Law maker, licensor, equity owner, infrastructure controller and distributor  Market power asymmetries - Disparities in market growth and level of sophistication - Uneven and unequal stages of economic development  Current dynamics - Impact of disruptive technology changes - Independent regulator: each has its own focus and area  Confusing conflicts - SEBI/CCI/sector regulator - Administrative ministries: differing agenda and timelines  Sovereignty and security - Regional concerns and nationalistic ambitions - Security and governance over public interest Easier said than done

7 Critical success factors Consistency and transparency in application and interpretation of law and regulations Ability for all to see the larger picture Independence and integrity of regulators Co-operation between centre, states and local authorities Mindset change: competition is good for all Consensus building across sectors Reducing dependency on courts for resolution Speedier enactment of forward thinking laws and policies Implement effectively and provide level playing field Government needs to walk the talk: saying is not enough, doing is Red Queen effect: need to keep running faster to stay in the same place

8 The balancing act Short term pain Service providers Command and control Transparency Politics Nationalist sentiments Public interest Long term benefits Consumers Free market forces Trade secrecy Economics International ambitions Commercial motive

9 Technology for business  Place, device and time shift seamless : communication, content and laws  Tools : video conferencing, audio streaming, webinars, software for documents, chat rooms, blogs  Banking transactions, money transfers, tax payments, e auctions  Free flow of information : use and misuse  Online trading and retailing : eBay, Amazon, Groupon, Flipkart  New business models : Google, Apple, Microsoft, Zynapse  Relevance of social media:: Face book, LinkedIn, Twitter  Availability and accessibility of information: overload or use selectively  Benefits of MCA 21, dematerialized shares, XBRL, email reports

10 Technology tools for company secretaries Microsoft Office Email Management Time Recording Discovery SystemsSecure email Digital Dictation Case ManagementAccounts / PMS Document Management Document Management Database Database System Integration System Integration Voice Recognition Extranet External Internet ServicesWorkflow / Authorization Social Networking Knowledge Management Knowledge Management Electronic Archiving Web based services Photocopy / Printer Usage trackingHR Systems Intranets Management Information Intelligent Searching Billing systems Blogs Billing systems Blogs

11 Constraints Companies/ employees not willing To change Package / System does not Do what you expected Cost too much / taking too long System is “far too Complicated” Govt. systems don’t keep up Not seen the expected benefits System is unreliable / fails to Run quickly / has errors System is “taking over” – takes longer to maintain the system than provide the service! Quick obsolescence System makes business Process worse not better! Don’t know what could Be done with system Inadequate training I am too old to learn new stuff Everyday

12 Benefits of technology  Technology changes an opportunity, not a threat  Remote access and control : geographical location is irrelevant  Preserving confidentiality : secure access  Learning tool : webinars, knowledge management, sharing information  Exchange of information & best practices at optimal cost  Social media has given everybody a voice and power  Speedier work at RoC, scope for less manual intervention  Access to wide international databases for practice and precedents

13 Technology challenges Transparency Vs right to privacy Laws unable to keep pace with technology :always a few steps behind Liability of intermediaries for on line content Training and updates: too frequent and vast changes Avoiding complexity and information overload Does it really bridge the digital divide or increase the difference Investment and change costs may be high Too many devices, all “ smart ” but complicated for ordinary user Use of brain power Vs computing power: creativity and innovation

14 Knowledge of subject & experience Expectations Communication skills Ethical values CS career a default option Total focus on compliance little business judgment Compliance oriented Strategic advisor & leader Managing risk & reputation risk Versatility across geographies Strong Business orientation Cost efficient & productive Legal proficiency still important Future Core requirement Past Current

15 Interfaces CS and in house counsel Board of directorsShareholdersInternal auditAuditors Business divisionsMarketing, R&DSupply ChainFinance, HR External law firms & counsel Government agencies Courts / arbitrators Partners, Vendors, Suppliers RegulatorsMedia Chamber of Commerce Industry bodies

16 The “must haves” High level of technical competence Clear identity & purpose: role & responsibility Business and customer orientation: Efficient service Confidence and self reliance on strength and capability Uses technology significantly to advantage Clear mandate: participative and interactive Understand business imperatives: Appreciate client requirements: practical solutions Structured and integrated team Value systems and integrity, handling conflict Ability to deal with coolness under crisis, thinking on feet

17 To be “ Any eye on the past, astute as to the present, peer into the future and predict the uncertain and unknown ”

18 Thank you

Download ppt "Regulatory convergence Technology Innovative professionalism Vijaya Sampath Bharti Group ICSI National Convention 14 October 2011, Agra."

Similar presentations

Ads by Google