1) In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws, policies, and regulations.
2) Due to the increasing number of regulations and need for operational transparency, organizations are increasingly adopting the use of consolidated and harmonized sets of compliance controls. This approach is used to ensure that all necessary governance requirements can be met without the unnecessary duplication of effort and activity from resources
1) Director's Responsibility Statement under Section 134 (5) (f) of Companies Act ,2013 states that: "the directors should have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.“
2) Functions of Company Secretary under Section 205 (1) of Companies Act ,2013 states that:"to report to the board about compliance with the provisions of the Companies Act, the rules made there under and other applicable laws.
3) Stringent penal consequences for company, directors, officers in default and key managerial personnel