Foster Moore is looking forward to participating in the 2012 Corporate Registers Forum conference being held in New Delhi, India next month. The Ministry of Corporate Affairs of India is hosting the conference. India is a charter member of the CRF and had representatives attend the inaugural meeting in Auckland New Zealand in 2003.
Over that period the most incredible transformation has occurred within the Indian companies registry. The implementation of a hugely ambitious project MCA21 has seen the conversion of all the paper documents within the regional companies registries along with the deployment of a nation wide electronic companies registry.
The contract for the delivery of the paper conversion and the registry system development was awarded to Tata Consultancy Services. The contract included the provision of purpose equipped search rooms, desktop computing along with the back office registry systems and paper digitization.
Truly a turn-key operation!
I understand the funding of the project is effectively through fee sharing and that a portion of every fee is paid to Tata for their services. This is an increasingly popular method of funding registry infrastructure and application services world wide.
The project concept was initiated in 2002 and the digitization completed in 2007.
The metrics around the project are pretty impressive including a record of 70,000 lodgments in one day including 22,000 balance sheets.
If you want to see more, here’s a rather classic YouTube video from 2009 that celebrates the project here … (love the soundtrack to the video.) and a presentation from last year’s CRF meeting
It’s not all been plain sailing however as there has been recent discussion in the media about the reluctance of the Ministry to move to allow 24 hour company incorporation and there was some earlier concern around the treatment of older paper documents.
All in all it is a huge project and demonstrates the power of IT to transform service delivery. We are looking forward to seeing it in person next month. We’ll report back and let you know how it’s working.