One of the most experienced CREDIT RATING AGENCIES in India implemented Global Compliance Management Solution (GCMS) to reduce Regulatory Risks across it’s India Operations

LISTED ON NSE & BSE
15 Offices . 10 cities . 9 States . 50+ Users

Published on: Mar 5, 2022

Updated on: Sep 21, 2023

(16 Ratings) 2238

CLIENT INTRODUCTION

  • With 3 decades of experience in Indian market, our client is a part of Global Investors Service Company and an independent investment information and Credit Rating Agency in India
  • Provide information and guidance to institutional and individual investors/creditors;
  • Provide intermediaries with a tool to improve efficiency in the funds raising process
  • Its wholly subsidiary, have 20+ years of experience, with pool of 700+ professionals, provides solution, analytics and digital platforms for risk management, market data, consulting and knowledge service grading and risk assessment services.

CLIENT’S CHALLENGES

  • The complexity of business demands our client to be 100% compliant and publish a real time authentic compliance report at any given point in time
  • Abiding to Central, State, Municipal, SEBI and RBI regulatory obligation is must for operating in highly organized and competitive business
  • Constantly maintain high ethical standards, with sound governance practices. The Regulatory and internal policy required Board to review status of Compliance across laws & locations regularly
  • Client needed Single sign off for all their application, including GCMS.

DECISION TO IMPLEMENT GCMS

  • Being in highly Regulated Business, part of a Global entity and a listed entity; client had many compelling reasons to implement Regulatory Compliance Management
  • The client had been evaluating solutions for more than 2 years, but the service providers weren’t able to tick all boxes (viz, Software functionalities, Real Time Updates, Easy of Use, Support Mechanism, IT & Data Security, etc) for them
  • Even when the Business team finalised GCMS, it took them more than 12 months to get clearances from their Board, IT, Contract teams, etc.

LAWRBIT GCMS IMPLEMENTATION

Our Legal and Customer Success teams engaged with client’s functional Heads / experts across entities and locations to understand the operational process and workings of each entity, location & function.
The Project was divided in 4 stages:

  • Phase – 1: Business Discovery using questionnaires and interviews
  • Phase – 2: Identification of applicable laws and compliance by location
  • Phase – 3: Identification of Responsibility and ownership matrix
  • Phase – 4: Software customisation, user training and Go-Live

IMPLEMENTATION COVERAGE

  • India Business covering 2 Legal Entities & 15 Offices
  • States: Delhi, Haryana, UP, Maharashtra, Gujarat, West Bengal, Tamil Nadu, Telangana, and Karnataka
  • All Applicable Central, State & Municipal Laws.

LIFETIME SUPPORT

  • Real Time Regulatory Updates
  • Coverage of New Laws / Rules
  • Legal Article & Companies Act Procedures
  • Product Support – Tech & Legal
  • Technology updates and upgrades
  • Application Hosting, Infra Management & Updates
  • Operational Support – end to end user support.

THE UPSHOT

  • The Group Legal and Compliance team now has Real time access to Compliance status and Risks
  • All entities including plant, R&D, Warehouse etc. are aware of compliance obligations and sensitive
  • Clearly defined responsibility across functions
  • Management Reports through analytic dashboards, regulatory updates, Compliance Certificate etc.

PROJECT HIGHLIGHTS

  • Despite having separate mail services (Gmail & Okta) for each entity; we provided Single Sign On using SAML based integration
  • Coverage & Real Time updates for SEBI Laws applicable specifically on Credit Rating Agencies
  • 110+ Applicable Laws, Rules and Regulations
  • 3,000+ Compliance obligations
  • Dedicated Operational Support
  • Group level control, with entity level independence

LIST OF KEY LAWS/REGULATIONS APPLICABLE ON THE CLIENT

Corporate & Taxation

  • Companies Act, 2013
  • GST Act
  • Income Tax Act
  • FDI Policy
  • Foreign Trade Policy
  • MSME Act
  • Prevention of Corruption Act
  • Trade Marks Act
  • Indian Stamp Act
  • Copyright Act
  • Information Technology Act

HR, Labour & Establishment

  • Employee Provident Fund Act
  • ESI Act
  • Shops and Establishment Act
  • Prevention of Sexual Harassment in the Workplace (POSH)
  • Labour Welfare Fund Act
  • Maternity Benefit Act
  • Minimum wages Act
  • Payment of Bonus Act
  • Payment of Gratuity Act
  • Payment of Wages Act
  • Professional Tax Act

Environment, Health & Safety

  • Anti-Smoking Act
  • Batteries Management Rules
  • Child and Adolescent Labour Act
  • Disaster Management Act
  • E-Waste Management Rules
  • Fire Act
  • Lifts and Escalators Act
  • Solid Waste Management Rules
  • Motor Vehicles Act
  • Municipal Corporation Act
  • National Building Code, 2016
  • Plastic Waste Management
  • Private Security Agencies Act

RBI & SEBI Regulations

  • RBI (LEI for for Participation in Non-derivative Markets)
  • SEBI (Credit Rating Agencies) Regulations
  • SEBI (Depositories and Participants) Regulations
  • SEBI Insider Trading Regulations and Guidelines on Conflict of Interest for Investment/ Trading in Securities
  • SEBI (Listing Obligations and Disclosure Requirements) Regulations
  • SEBI (Prohibition of Insider Trading) Regulation
  • SEBI (Substantial Acquisition of Shares and Takeovers) Regulations
  • Securities Contracts (Regulation) Act and Regulations
  • RBI Master Directions
    – Export of Goods and Services
    – Import of Goods and Services
  • Various SEBI Circulars applicable on Credit Rating Agencies
    – Delay in Rating Review
    – Credit rating charges for private placement of debt*
    – SAAS based services
    – Monthly Bulletins

Municipal Laws and Regulations

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