NEW DELHI: The newly launched Corporate Data Portal, which will have information on 12 lakh companies and their directors, will keep companies on their toes and ensure compliance, Finance Minister Arun Jaitley said on Friday.
Among others, the portal will include information on academic qualification of directors, which can be accessed by the public. A data portal divulging information on corporate social responsibility (CSR) activities and spending by companies has also been launched.
“Being open to public gaze has its own advantages. There is pressure on everyone to make sure compliance takes place and people are on their feet knowing that if there is any impropriety, the possibility of it being detected is very high... This transparency is good for the system and corporate India,” Jaitley said.
Corporate affairs secretary Injeti Srinivas stated the portal will be static initially, with only information furnished by the government available. Customisation will be implemented soon, with more information can be accessed after the payment of a small fee.
The portal will also provide information on board members and directors of the firms, including independent directors. According to Srinivas, there are around 30 lakh directors of which 30,000-40,000 are foreigners — a majority of US origin, followed by the UK and Japan.