October 27, 2009 has been an important day for the Indian Digital World. The much awaited amendments to the nine year ole ITA 2000 was finally notified.

ITA 2008 has different meanings to different persons. To the Cyber Law Observers, it is a shift in the focus from E Commerce promotion to Cyber Security. To Police it means an Inspector can investigate a Cyber Crime.  To a lawyer it means that 10 penal sections has now expanded to 20 plus sections.To technologists, it is a gateway for new Electronic signatures. To Privacy activists, it is a nightmare.

Beyond all these apparent  perceptions, ITA 2008 holds a red alert to Corporate Directors and CEOs in India. Company Secretaries in particular need to take note-of the requirements before they finalize the agenda for their year end board meetings.

The reason is that ITA 2008 imposes several compliance obligations to Companies both in the IT and Non IT segment including Banks and BPOs.

With the approaching end of the financial year, most companies are now looking at the last quarter priorities to present their performance to the shareholders through their annual reports for the year ending March 31 2008.

This year, the ITA 2008 will be throwing a special challenge to these Companies  (refer Are you ITA 2008 compliant?) in the form of special compliance requirements under ITA 2008. Non Compliance of these could make the Compliance Certification in the annual report untenable.

There is hardly enough time for the Companies to act between now and March 31, 2010 and action is required immediately.

In order to provide information and assistance for Companies to implement a plan of action for ITA 2008, Naavi.org has opened an ” ITA 2008 Emergency Help Center for Corporate Executives and CEOs”. Naavi.org already supports individuals through Cyber Crime Complaints and Resolution Assistance Center (CCC-RAC). Now the ITA 2008 Emergency Help Center will provide similar support to individual Corporate Directors, CEOs and Company Secretaries to enable them be compliant by March 2010.

This is a unique attempt where regulatory compliance is driven by private enterprise and follows the many other initiatives of the kind that Naavi.org has been known for in the past 10 years. Hopefully it would inspire many more to follow the footsteps.

Naavi

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