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Small and medium enterprises face the challenge of keeping up with the changing regulatory environment relating to finance and governance, according to Narayanan Sethuramon, Chairman, CII Tamil Nadu.
The role of the finance head in companies has grown beyond accounting to cover overall governance and financial sustainability with the new companies law and governance norms, said Sethuramon, who is also the CEO of WS Industries (India) Ltd, at the TN Finance Conclave organised by the CII.
Business environment is also more dynamic with foreign exchange volatility, input costs increasing and markets challenging.
B Santhanam, Chairman, CII Southern Region and Managing Director, Saint-Gobain Glass India, said finance officers’ roles become critical across a range of regulations whether local sales tax issues or transfer pricing facing multinationals such as Nokia and Vodafone.
The Competition Act – ‘compliance is laughable’ in Indian companies as compared with multinationals – and CSR are emerging areas where finance function will play a greater role, he said.
TT Srinivasaraghavan, Managing Director, Sundaram Finance, said CFOs role has begun to cover regulatory compliance. But companies often do not do enough to recognise this segment.
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