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Nirmala Sitharaman says, Regulators should be prepared to deal with digitization

Union Minister Nirmala Sitharaman said on Tuesday that regulators and other entities should be highly advanced and ahead of the curve in understanding digitization to avoid technology misuse. Ms Sitharaman, who heads the finance and corporate affairs ministries, also stressed the importance of firewall mechanisms in the context of digitization.


Digital methods will be infused all through the decade starting in 2020, she added. Ms Sitharaman was speaking at an event to kick off the corporate affairs ministry’s Iconic Day celebrations as part of the Azadi ka Amrit Mahotsav (AKAM).


According to her, the Competition Commission of India (CCI) and the National Financial Reporting Authority (NFRA) should be ahead of the curve in terms of digitization to ensure fair and accountable practises, as well as no technology misuse.


Corporate Affairs Secretary Rajesh Verma stated that the ministry will release a variety of tools, including those for compliance management, and emphasised the ministry’s emphasis on technology-driven platforms to support ease of doing business.


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