Startups: ‘startups Should Cultivate A Spirit Of Custodianship’ | Mumbai News

Apr2,2024


Mumbai: At a time when new-age companies like Byju's are facing governance issues, the Confederation of Indian Industry has come up with a proposal. incorporated Government charter For Startup,
“Being an important component of the Indian business ecosystem, startups will significantly benefit from the charter, which will help them build the confidence of stakeholders and investors,” said Sanjeev Bajaj, chairman of the Corporate Governance National Council and former president of CII. SEBI chief Madhabi Puri Buch released this at an event here on Tuesday.

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There is a need to develop the spirit of startups in the charter guardianship And fiduciary responsibilities like a listed company once there is non-founder equity investment. The charter also requires companies to identify and draft the entity's vision, mission, code of conduct, ethics, values, and culture.
“The perception may be wrong that good corporate governance involves excessive costs and makes startups less agile. It is important that corporate governance measures are not seen as a cost center for business as the costs of non-compliance and bad governance can be fatal for business,” the CII charter said.
CII's report on Digital Privacy and Data Protection Act was also launched at the event. This publication highlights the critical importance of data privacy in today's digitally driven world, focusing on the impact of the Digital Personal Data Protection (DPDP) Act on enterprises in India.
The DPDP Act seeks to identify the impact of the law on the entity, governance mechanisms to ensure compliance, processes for smooth implementation, monitoring mechanisms, measures to raise awareness and embed it in the culture of the entity, risk mitigation plan, escalation metrics and creation of Asks for. Stakeholder trust.

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