Information should be need-based and need not increase the information burden on the applicants,” he said. A new name reservation service is being developed and is likely to be in place on January 26, according to information on the ministry’s website. The ministry is implementing the Companies Act, among others. About the Central Registration Centre, Srinivas said it has been successful and that the same could be extended for registration of Limited Liability Partnerships (LLPs). “Very soon, we will bring out some changes, which will make the registration process a faster exercise and more user friendly. It will be comparable with best systems prevailing across the world,” he said. There are around 12 lakh active companies. According to Srinivas, compliance rate would increase if cost and time required for compliance is reduced. “If enforcement is effective, compliance will go up. This is where the whole focus should be,” he added. On Friday, the ministry launched a corporate data portal, through which stakeholders can soon have customised data on corporates, including about independent directors.
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