The Securities and Exchange Board of India (Sebi) on Thursday has proposed allowing self-attestation of certain documents which previously required notarization or certification by a gazetted officer. These include documents required for registration of credit rating agencies (CRAs), custodians, know-your-client registration agency (KRAs), depositories and index providers.
The proposal also includes applications for a grant of commencement of business certificate, for settling proceedings, for seeking exemption from the requirement of—making an open offer and for strict enforcement of regulations.
“The filing of affidavits or attestation does not only result in increased overhead expenses for businesses/individuals but also leads to unnecessary compliance burden which further results in delayed approvals/compliances,” Sebi said, inviting public comments by September 6.
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The consultation paper references the Company Law Committee’s March 21, 2022, report, which talked about the central government’s intent to promote a trust-based system. This involves allowing self declarations in place of affidavits to promote the ease of doing business in India.
The Committee report said that several states, including Delhi, Punjab, and Himachal Pradesh, have already implemented similar changes to streamline public service delivery.
