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Last updated: 30 Nov, 2016  

gaurav-jain-director-rsj-lexsysTHMB.jpg Third party Compliance Management important for SMEs: Gaurav Jain

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Saurabh Gupta | 30 Nov, 2016
Regulatory laws are changing regularly, so third party Compliance Management is important for small and medium enterprises (SMEs), said Gaurav Jain Director, RSJ Lexsys Pvt Ltd, Company Secretary & Founder, Lexcomply.com.

"Every SME and corporate takes cab services, security services, canteen and contract labour for factories. As per the government regulations every such contractor is require to comply with various provisions under Contract labour regulations, law relating to FSSA and Private Security agencies and in case they fail then the principal employer is liable. These laws are changing regularly, so it is important for SME's to track the compliances," Gaurav Jain told SME Times in an interview.

He said, "This will not only save their cost of non compliance but will also improve the skill set of existing team. This will be a helping hand for them to keep the team updated as it includes the library of all the challan's and forms filed with various departments. This will also help in giving reminders about the expiry of various licenses."
Excerpts from the interview...

Please tell some thing about this Lexcomply.com.
Gaurav Jain: LexComply is conceived and developed in August, 2014. It is located in Delhi with 30 professionals, inclusive of all Compliance Management tools suitable for Professionals and Organizations to identify, assign, manage and report relevant compliances with inbuilt repository of laws and proofs. It is registered as a Private Limited Company in February, 2015 with an offshoot of more than 12 years old professional firm.

What makes 'Lexcomply.com' apart from others/ what is the USP of yours?
Gaurav Jain: Lexcomply has a library of more than 285 Acts, rules and regulations and more than 11000 compliances. Covering Central laws and 8 states. We have compliances covering transactions along with due dates. With Lexcomply one can define 1000 transactions. This is where you can bring consultants , management and vendors on same platform. This highly secured system gives you real time updates as it includes subject experts having in-depth knowledge therefore, making it easy to use.

What is your's End to End Compliance Management Solution?
Gaurav Jain: This tool helps to identify the applicable laws, it allocate users in organisation. Software will push relevant compliances to concerned user within the appropriate time.

You majorly have big corporate in your business partners list. Do you cater small and medium enterprise (SME) too? What specific you have for the SME sector?
Gaurav Jain: We are currently professionals, large corporate and SMEs as well. We have approx 40% SMEs as are clients. SMEs can use this to manage their compliances relating to factories Act, Legal metrology, taxation, Companies Act in more efficient manner without incurring any capex.

This will not only save their cost of non compliance but will also improve the skill set of existing team. This will be a helping hand for them to keep the team updated as it includes the library of all the challan's and forms filed with various departments. This will also help in giving reminders about the expiry of various licenses.

Why third party Compliance Management is important especially for SMEs?
Gaurav Jain: Every SME and corporate takes cab services, security services, canteen and contract labour for factories. As per the government regulations every such contractor is require to comply with various provisions under Contract labour regulations, law relating to FSSA and Private Security agencies and in case they fail then the principal employer is liable. These laws are changing regularly, so it is important for SME’s to track the compliances.

Lexcomply helps them to track without increasing the work, as they can see the compliance status on real time basis.

Do you have your Compliance Management mobile app? What is your take on this?
Gaurav Jain: Currently our customer care is on mobile app viz. custo . Mobile version will be launched by end of 2017 after we are sure that all the security aspects are considered.

During the success journey of yours, what were the challenges you had gone through?
Gaurav Jain:

Challenges :

a. Limited focus on compliances;

b. They feel doing compliance is a cost;

c. Limited skill set;

And how you counter those challenges? Which issues are still challenges for you?
Gaurav Jain: Education and motivation is best policy . We engage with management and team through various mediums to make them understand the benefits of compliance.

 Some of the benefit of compliances are as under :

1)Help to raise funds through angel funds, VC and PE;

2)Absence of Regulatory risks;

3)If you follow the quality standards prescribed under various regulations then your Market Credibility increases;

4)Promotes Business Growth by way of JV, FDI and other business alliances;

5)Safety of Human and Business Assets; and

6)Promotes Welfare of Employees and Society.

Government is now more focusing on single window clearance and abolishing Inspector Raj. Would you like to say something to the government to facilitate this sector?
Gaurav Jain:  It is good to initiate single window clearance mechanism and reduce abolish inspector raj. However it is important to understand that single window clearance only help at the time of business setup but it also motivates and facilitates the corporates to do compliance management.

Thereafter, his can be achieved to extent by following steps:

a. Rationalization of rate of taxes ;

b. Promoting online filing of returns and documents;

c. Reducing the number of compliances especially those which are impractical or doesn't serve any purpose for society, government and corporates.

What are your future plans?
Gaurav Jain:

a. Launch new products in a phased manner.
b. 3 more 'Advisory' products are under development and would be launched by March 2017.
c. By FY 2018, create business presence in all 4 regions of India and 10 cities.
d. Increase user base over 25000 in coming years.
 
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