TeamLease Services launches radical initiative
India’s ambition to become a $5 trillion economy needs a more fertile habitat for formal job creation. This Ease-of-Doing-Business goal coincides with concerns about the ability of employer’s in-house capabilities to keep up with the scale, complexity of India’s regulatory environment – 15 changes a day to 58,000+ compliance rules and 3000+ returns across 1000+ Acts. In an effort to address this growing voice about ease of doing business, Teamlease Services has launched the Teamlease Compliance cloud and App RulezBook.
The Website and App, offered by Teamlease Regtech subsidiary Avantis, looks ahead to the increasing use of an ESG (environment, social and governance) lens by investors to evaluate companies (as evidenced by the governance premium emerging in both private and public market valuations) and the increasing use of Regtech by governments (to streamline interface and improve data capture capabilities).
The website, www.teamleasecompliance.com is a REAL-TIME (Updated 15 times a day), NATIONAL (covers 28 states, 8 union territories, 463 cities),COMPREHENSIVE (Tracks 58,000+ compliance rules and 3,000+ filings across 1000+ Acts) and PERSONALISED (Filters for Industry, regulator, locations, keywords, frequency, etc) solution for employers but can also act as a guide for policy makers in their effort to reduce the regulatory cholesterol.
The Rulezbook App offer employers an inventory of their rule applicability and compliance slate based on their geography of operations, sector and other details. Commenting on the launch, Rituparna Chakraborty, Co-founder and Executive Vice- President, Teamlease Services said, “India’s $5 trillion dollar economy goal requires a radical rethink of our regulatory cholesterol. Ongoing ease-of-doing business interventions are useful but life for employers and entrepreneurs is still difficult and formalisation will be accelerated by rationalising, simplifying and digitising our compliance regime. This site is our contribution to the infrastructure of formalisation, transparency and scale for employers particularly benefiting MSME’s who do not have or cannot afford large in-house teams or external agencies.”