Avantis Regtech, TeamLease’s Compliance Arm, Improves Profitability For PCS Firms
Mumbai, 10th March, 2021: One of the leading integrated compliance regulatory technology firms, Avantis Regtech, from the house of TeamLease Services has today announced the launch of a new automation platform – AVASEC, for practicing company secretaries (PCS). A state of the art web and mobile platform, AVASEC will enable PCS’s to efficiently track and manage all pertinent compliances for their firm, as applicable under CA-2013, SEBI Regulations and Secretarial Standards. This is India’s first automation tool designed specifically for practicing secretaries.
Sharing more information about the new product, Mr Rishi Agrawal, CEO and Co-Founder, Avantis Regtech, said, “Currently more than a million companies in India outsource their secretarial compliance to PCS firms. Typically, a PCS manages 50 clients annually, in some large firms it may go up to 500. The current process is manual and thus extremely inefficient and time consuming. Additionally, it leaves room for human errors, missed timelines, incomplete documentation and poor compliance. AVASEC is going to solve this critical problem for PCS.”
AVASEC automates the entire process where crucial documents like agenda, minutes of the meeting, resolutions, disclosures, e-forms and e-registers are auto-generated. The platform creates a central repository of documents with rich search, sort and filter capabilities making audits easier.
“The advanced automation will make the process less cumbersome and free up time of PCS partners for more value adding activities. AVASEC will make PCS firms grow faster and more profitable”, added Mr Agrawal.
The platform will be available without any cost for companies (up to 200 entities) for this financial year. This will enable PCS to get their digital journey started, seamlessly.
About Avantis Regtech: Avantis Regtech, a TeamLease Company, is India’s leading Regulatory Technology (RegTech) solutions company enabling Ease of Doing Business for over 1,557 legal entities across 28 States and 8 Union Territories. Avantis offers state of the art multi-tenant, SAAS solution on its web and mobile platforms, enabling a transparent, accountable and efficient risk and compliance management. Avantis has one of the most comprehensive Legal and Compliance databases in India with 1,536 Acts and 69,233 Compliances updated on a near real time basis covering over 3,000 changes every year. It helps Directors, Board Members and Legal and compliance officers stay up to date on their compliance requirements and reduce operational, reputational and financial risks. Avantis serves over 11,485 corporate users located in over 10,000 plants / office / warehouse locations and tracks over 2,00,000 compliances and supports filing up of 12,000 Registers, Returns, Challans and other Compliance documents every month. The company envisions a cashless, paperless, presence-less and a simplified compliance administration as the building blocks of EODB 3.0.
About TeamLease Services: TeamLease Services is one of India’s leading human resource companies offering a range of solutions to 3500+ employers for their hiring, productivity and scale challenges. A Fortune India 500 company listed on the NSE & BSE, TeamLease has hired 17 lakh people over the last 17 years and has 2 lakh+ open jobs every day. One of India’s fastest growing employers, TeamLease also operates India’s first Vocational University and fastest growing PPP National Apprenticeship Program. The company offers solutions to large, medium and small clients across the 3Es of Employment (1.5 lakh+ employees), Employability (2 lakh+ students) and E-Workforce (1000+ employers).
