Most executives feel that the new Companies Act is more "user-friendly" compared to the previous one, says a survey.
However, majority of respondents said it would be challenging for listed companies to comply with provisions of both the Companies Act, 2013, and that of capital market regulator Securities and Exchange Board of India (Sebi).The survey by consultancy Grant Thornton, released on Friday, found that among respondents with a definitive opinion, over 50 per cent believe that the new Act is more user- friendly than the erstwhile legislation.
Most provisions of new law came into force from April 1. It replaces the Companies Act, 1956."While 54 per cent believe that the 2013 Act is largely compatible with other regulations like Sebi, 63 per cent feel that it will be challenging for listed companies to comply with the provisions of both the Companies Act, 2013 and Sebi together," it said in a statement.