A delegation of Chartered Accountants (CAs) and Company Secretaries (CSs) on Monday called for a facilitation-driven regulatory framework to strengthen corporate governance and improve the ease of doing business in Jammu & Kashmir during a meeting with Ramesh Mishra, Regional Director (Northern Region), Ministry of Corporate Affairs, and Syed Haamid Bukhari, Registrar of Companies (J&K and Ladakh).
The delegation, comprising CA Saqib Ali Jan, CS Waseem Jahangir and CS Syed Amir Ali, held detailed discussions on key regulatory and governance issues impacting businesses in the Union Territory, with a focus on aligning compliance requirements with the region’s unique geographic and economic realities.
A central concern flagged was the need for a special compliance facilitation framework for enterprises operating in challenging and emerging regions like J&K. The delegation advocated a more supportive and facilitation-oriented regulatory approach, particularly for first-generation entrepreneurs and small businesses navigating provisions of the Companies Act.
Emphasising corporate formalisation as a catalyst for economic growth, the participants called for wider adoption of company and LLP structures across sectors such as tourism, horticulture, handicrafts, renewable energy and producer enterprises. They noted that formalisation could significantly enhance governance standards, attract investment and generate employment.
The delegation underscored that strong corporate governance, backed by regulatory certainty and transparency, is critical to building investor confidence and positioning J&K as a viable investment destination.
Capacity building and institutional collaboration emerged as key priorities, with proposals for joint initiatives involving the Ministry, professional bodies and industry stakeholders to improve awareness on company law compliance, startup governance and board-level responsibilities.
Concerns were also raised over the migration of startups from the region, with many entrepreneurs choosing to incorporate outside J&K. The delegation suggested measures to strengthen the local incorporation ecosystem and retain entrepreneurial activity within the Union Territory.
Additional issues discussed included MSME stress resolution, insolvency preparedness, enhanced deployment of corporate social responsibility (CSR) funds for regional development, and the need for environmental, social and governance (ESG) readiness among emerging businesses.
The delegation also proposed developing J&K as a model region for facilitation-led, governance-driven regulation, including the creation of a dedicated Corporate Governance and Ease of Doing Business Roundtable involving regulators, professionals and industry representatives.
Responding to the suggestions, Mishra and Bukhari acknowledged the concerns raised and emphasised the importance of sustained stakeholder engagement in fostering a robust compliance culture. They encouraged continued dialogue between regulators and professionals to support a progressive and transparent corporate environment.
Members of the delegation described the interaction as constructive, expressing optimism that such engagements would contribute to strengthening corporate governance, enhancing investor confidence and supporting long-term economic growth in J&K.
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