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TAIT initiates regulatory practices to combat fraud

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DQW Bureau
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In the wake

of the recent series of frauds with the partners, Trade Associa­tion of

Information Techno­logy (TAIT), Mumbai, is planning to imbibe certain

regulatory practices.

To draw up a comprehen­sive

list of such practices, TAIT has already conducted around four meeting with its

members to seek out possible ways tackling this issue. One of the actions that

they have decided upon is that they will start educating the members about

business practices from the ground level.

Speaking about this,

Champakraj Gurjar, Chair­man, TAIT, said, “The main problem with the IT

industry lies in the fact that it is a very immature industry. Partners here

have not inherited the business from their ances­tors; in fact mostly all the

partners have started their businesses. For this reason, we think it is

necessary to educate the partners from the ground level about business

practices.”

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Besides this, TAIT is also

planning to introduce a special section at their website, where the details of

every new partner will be listed down. Gurjar said, “We would take down every

minute details of the new members and list them down at our website. This will

help the partners to identify the authentic dealers.”

Earlier TAIT had made

successive attempts to reduce the time for issuing credits. The association has

been issuing memorandums to its members and vendors to fix upon a specific

credit time limit. But after the recent frauds, TAIT now seems to be skeptical

on the entire process of issuing credits.

Gurjar said, “Actually

except in the IT industry, all the credits are taken care upon by banks. Anyways

IT is a dynamic industry, where the partners have to worry every moment about

phasing out of technology and they need to keep updating themselves. In such a

scenario, the uncer­tainty regarding the credits is an added headache.” He

also mentioned that the associa­tion is also planning to initiate some

practices, where banks can possibly take the responsibility of resolving the

credit issues with certain finance schemes.

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Issuing credits in IT busi­ness

is common thing with the partners and vendors. But with the onset of successive

frauds in the market, the IT partners seem to question about this age-old

practice.

 

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