KARMA GLOBAL REBUILDS COMPLIANCES FOR BUSINESSES WITH ROBUST INTEGRATION AS THE COST OF NON-COMPLIANCES COULD BE MORE THAN THE COST OF COMPLIANCES !!!!!
Karma Global one of the top 5 labour law consulting firms in the country, has recently hit upon yet another significant milestone in the journey of tying up with SUNDEEP PURI ASSOCIATES AND ADVOCATE, where both these Firms have formally joined hands together to collaborate and create a bigger alliance by scaling up its business on Pan India basis and Internationally to give greater reach of its services together, to its hundreds of clients all over.
The pandemic has changed the very way we do business, disrupting everything from global supply chains to financial markets which subsequently paved the way for change, new adaptations, and rebuilding of business models with compliances being at the heart of this change.
In this context, Enterprises also need a mindset change for those who want to remain on the right side of the law. “If the government can change, corporations need to be faster than the regulatory authorities in changing their mindset in this automation game.
Only a few years back, we had compliance people to check and update on compliances conforming to the prevailing laws but now the nature of work is changing and we have the platforms that put all the dates, and laws in the form of a checklist for us, which comes as a lifesaver,”.
At present, not all but most of the companies have woken up to the reality of this changing compliance landscape with the announcement of the new labour codes, and with it, there is a growing trend towards digitalization to improve compliance and ensure that organizations are saved from the stiff penalties imposed on defaulters. “Every other day you have a different regulation change happening across numerous States, recent example with Chattisgarh going in for old pensions while other States are opting for new pensions.
We have many vendors who are going towards digitalization to track these compliances and regulation changes,” and Karma Global is proud to have adopted the new AI technology and automation much before others could even think about it. With the changing notifications from the government, and the requirement of reporting real-time data to authorities on a monthly/quarterly/half-yearly, and annual basis, it is a technology that has set new standards and disrupted traditional methods and practices.
An increasing number of companies today are using a mix of internal and externally developed technology tools to keep pace with the fast-changing compliance landscape and are standing with Karma Global for its state-of-the-art “Weprocess” and “Wechecked” tools that offer advanced features, chatbots, machine learning, single uploading of all documents, and final evaluation together with remediation of noncompliance.
“The compliance scenario in India has gone so far that everything is interconnected. One failure somewhere is going to reflect in many records. We see the government rolling things out step by step to make sure that they have a more robust compliance mechanism and a compliance-driven economy.
So in this regard, besides the business profile of Karma relating to labor laws, it will now focus whole time also on legal and para-legal issues and matters with the collaboration of Sundeep Puri & Associates who are already into legal matters such as disputes, litigation, and court cases.
HINDENBURG RESEARCH REPORT MELTS DOWN ADANI’S GROUP STOCKS – CJI COMES TO THE RESCUE OF MIDDLE-CLASS INVESTORS …!
How it started :
Nathan Anderson, the founder of Hindenburg Research, makes public its research report on the functioning of the Adani Group.
What happened then?
Advocate Manohar Lal Sharma files a public interest litigation (PIL) petition in the Supreme court seeking directions to SEBI and Union Home Ministry to conduct an inquiry against the founder of Hindenburg Research Nathan Anderson.
The second PIL was filed by Advocate Vishal Tiwari who has sought an inquiry into the Hindenburg report by a committee, that would be headed by a retired judge of the top court.
Supreme Court steers into action :
The Supreme Court on 10 February noted that the investors in Adani Group suffered losses after the short-seller Hindenburg Research’s report and observed that there is a need to safeguard investors.
Two Public Interest Litigations, the basis :
While hearing the two public interest litigations (PILs) seeking a court-monitored probe, the apex court bench, chaired by Chief Justice of India DY Chandrachud and Justices PS Narasimha and JB Pardiwala asked the Securities and Exchange Board of India (SEBI) to suggest measures to ensure the protection of Indian investors after the short selling report on Adani Group.
Questions raised by SC :
“It is said to total loss by Indian investors is in several lakh crores.…
- How do we ensure they are protected.. it is said 10 lakh crores.
- How do we ensure that this does not happen in the future?
- What role should be envisaged for SEBI in the future,” Bar and Bench quoted the CJI’s remarks.
Action on the Market Regulator :
Following this, the bench then ordered the market regulator to file a response detailing how a more robust mechanism can be put in place.
“The response can contain existing regulatory framework, the relevant causal factors, and the need for putting into place robust mechanisms to protect investors. If the union is ready to accept the suggestion, the necessary recommendation of the committee may be made. A brief note on legal and factual matrix may be filed by the SG by next Monday,” the legal daily quoted the Court order.
Formation of Expert Committee :
After hearing this, the bench then suggested having an expert committee and also conferring wider powers on SEBI.
“You can show us the existing structure and how to strengthen the existing regime and contemplate having an expert committee that can have experts.
Experts can be from the securities area, wise guidance of a former judge, international financial law expert, etc. We can give a wider role to SEBI also and SEBI can threadbare analyze powers which exist and how it can be improved since the capital flow will become more seamless,” Bar and Bench added the bench as saying.
Date for the next hearing :
Now, the Supreme Court has fixed a hearing on two PILs seeking a probe into Hindenburg’s report on the Adani Group sometime in February 2023. It has sought the Ministry of Finance and SEBI’s response by 13 February on how to ensure that investors are protected in the future.
Chief Justice denies sealed cover suggestion – Centres suggestion rejected and SC calls for full transparency :
A bench comprising Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala denied the request by the lawyer appearing for one of the petitioners.
“No no we will not take it on record”, the bench said.
The top court on February 17 had refused to accept in a sealed cover the Centre’s suggestion on a proposed panel of experts for strengthening regulatory measures for the stock market.
Observing that it wants to maintain full transparency in the interests of investors, it said it would rather not accept the Centre’s suggestion in a sealed cover.
“We will not accept the sealed cover suggestion by you because we want to maintain full transparency,” the bench had said.
SC refuses to gag the media :
The Supreme Court on Friday rejected a plea seeking to gag the media from reporting on the Adani-Hindenburg issue till the court pronounces its order. The apex court had reserved its order on February 20 on a batch of PILs on the recent Adani Group shares crash triggered by the Hindenburg Research’s fraud allegations.
Denial by Adani Group :
The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
CONCLUSION – SC comes to the rescue of middle-class investors …!!.
SC asks the Centre to set up a panel of domain experts :
With an aim to protect the interests of Indian investors against market volatility against the backdrop of the Adani stocks rout, the Supreme Court on Friday asked the Centre to consider setting up a panel of domain experts headed by a former judge to look into strengthening the regulatory mechanisms.
SC has sought the views of SEBI
It also sought the views of the Securities and Exchange Board of India (SEBI) and the Centre as to how to ensure putting a robust mechanism in place since the capital movement now is “seamless” in the country.
Noting that the stock market is not the place where only high-value investors invest, the court said with the changing financial and tax regime the investments are being made by “the wide spectrum of the middle class”.
It noted that as per some reports, the total loss suffered by Indian investors due to the recent Adani stocks rout was in the range of several lakh crores of rupees.
Karma Global works across a wide variety of industries, constantly looking for ways to offer new services and increase its global businesses.
In order to serve today’s technology to tech-savvy clients and employees, Karma Global planned much ahead of its time by adapting to processes and systems to accommodate the quickly changing markets.
As the Industry is continuing to get more and more competitive, Karma Global is bridging the gap, setting itself in tune with the latest technology trends in order to maintain a competitive advantage for all of its over 400 domestic and global clients.
Automation and AI – Karma Management was among the first to improve efficiencies, the first in the vendor auditing process to fully automate and streamline any and all processes surrounding the auditing business of entities and vendors.
The chatbot and AI did a fabulous job of giving machine output, with a quicker pace, cheaper rate, and more accurate level of auditing and reporting.
This helped in elevating the roles of our Auditors to focus on complex tasks that require more brainpower or the human touch, leaving some of its tasks to the machine’s capabilities.
Incorporating chatbots in customer service allowed time for our expert representatives to spend time dealing with more complex issues which could ultimately add to the user experience and this is what set us apart from others.
Automating repetitive processes in our systems helped us free the valuable time of our expert staff allowing them to reach out to more clients.
For this purpose, Karma Global has both full-time IT-related staff and also indirect staff who are freelancing with us for enhancing our IT capabilities to the next level on the cloud platform.
Also, clients with issues such as litigation, disputes, closure, lockdown, retrenchment, and layoffs could take the help of Karma Global in sorting this out since it now has a formidable partner by the name of Sundeep Puri & Associates to provide further solutions on such or any legal entanglements.
This blog has been collated and compiled by the internal staff of Karma Global with the knowledge and expertise that they possess, besides adaptation, illustration, derivation, transformation, collection as well as auto-generation from various sources, for its monthly newsletter Issue 09 of March 2023 and in case of specific or general information or compliance updates for that matter, kindly reach out to the Marketing Team – Kush@karmamgmt.com / firstname.lastname@example.org