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Legal and corporate paperwork in India is set to undergo a new online shift. This means more business for regulatory technology, or regtech, startups, which provide services such as electronic signatures, e-KYC and remote customer onboarding.
The catalyst behind the change is the electronics and IT ministry that has made some amendments to the Information Technology Act, 2000. The move was announced on October 6.
Two steps forward: Digital signatures have been accepted in various official processes for some time now. However, certain conditions, or exceptions, in the Act still mandated wet signatures. Some of them have been removed now, paving the way for the digital form to be used in more ways.
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