Compliance Fatigue: Are Indian Businesses Over-Regulated?
This article is written by Nikita Shrivastava, pursuing B.A.LL.B (Hons.) from Kanoria School of Law for Women, Jaipur.
The regulatory framework governing businesses today is extremely complex and includes corporate law, tax law, labour law, environmental law, and sector-specific laws. The purpose of the regulatory framework is to increase transparency and accountability, and to promote the welfare of the public. In the last decade, businesses have experienced an increase in the number and complexity of laws and regulations they must comply with, resulting in “compliance fatigue” for many organisations. In other words, they are exhausted from continually having to comply with a multitude of reporting, filing, disclosing, and placing process requirements.
This research paper investigates whether Indian companies are truly overregulated. It investigates compliance fatigue as a concept, the regulatory environment by which Indian businesses must exist, and the economic impact of increased compliance costs through an analysis of the arguments in favour of strong oversight and the impact of the government’s attempt to simplify business compliance.
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