Here's how the Companies Act amendments will help businesses

Look forward to reduced regulatory burden and lower compliance costs, among other boons.

In a release, the Ministry of Finance (MOF) said it has accepted 192 and modified 17 recommendations of the Steering Committee for the Review of the Companies Act.

"This is the largest number of changes to the Act since it was enacted in 1967. The wide ranging changes are expected to reduce regulatory burden and compliance costs, provide greater flexibility for companies, and improve corporate governance. It will bring benefits to various stakeholder groups such as companies, small-and-medium enterprises (SMEs), retail investors and company directors," MOF said.

MOF said the recommendations will be implemented through amendments to the Companies Act, and further public feedback will be sought on the draft amendment bill early next year.