What really irks the company is the absence of 'industry' status for the security business, and this, Mr. Khanna says, needs to be changed. There are many grouses, most of which are relevant. Typical security agencies have cash flow needs where payments in the form of wages have to be made in the beginning of the month, while cash inflows occur only after the middle of the month. There are other obligations such as PF and ESI payout, which have to be met in the first half of every month. Besides, with the high technology security needs of the day, security companies need to equip themselves with the right infrastructure and expertise, which call for timely investments.
Financing is a major issue, but there are others.
This would include license to hold arms, and arrest, when necessary. Topsgrup, in its bid to achieve industry status for the sector, has begun by setting its own house in order. We have begun by formalising and professionalising our own activities and adopting ISO systems into our working. The company has obtained ISO certification. It has also initiated steps to revamp the Security Agencies Association, moving towards self-regulation, and involving in citizen protection groups along with the state police to monitor residential belts.