Govt to set up central processing unit for forms filed under companies law

To ensure a faster response to corporates, the government will set up a central processing centre for handling forms filed with field offices under the companies law.

Presenting the Union Budget for 2023-24, Finance Minister Nirmala Sitharaman on Wednesday also said that an integrated Investor Education and Protection Fund (IEPF) Authority will be set up to make the process of reclaiming shares and dividends easier.

The Companies Act, 2013 is implemented by the corporate affairs ministry and the IEPF Authority also comes under the ministry.

"A Central Processing Centre will be set up for faster response to companies through centralised handling of various forms filed with field offices under the Companies Act," Sitharaman said.

According to the minister, for investors to reclaim unclaimed shares and unpaid dividends from the IEPF Authority with ease, an integrated IT portal will be established.

Over the years, the government has been taking various measures to improve the ease of doing business in the country.

"For enhancing ease of doing business, more than 39,000 compliances have been reduced and more than 3,400 legal provisions have been decriminalised. For furthering the trust-based governance, we have introduced the Jan Vishwas Bill to amend 42 Central Acts. This Budget proposes a series of measures to unleash the potential of our economy," Sitharaman said.