New Delhi: Shriram Automall India Limited (SAMIL), India’s Largest Platform for Pre-Owned Vehicles & Equipment has received the “Standardisation Testing & Quality Certification (STQC) E-Procurement System (ePS) Certificate” by the Ministry of Electronics & Information Technology, India’s quality assurance and conformity assessment body. The certificate will enable the company to Foray into the Rs 50,000 crore public sector fprward auction industry.

After going through extensive tests, Shriram Automall India Ltd (SAMIL) has become among the first private company in India to have its auction portal certified by the prestigious STQC directorate for exclusively conducting “Forward Auctions”, which is among the first of its kind issued by the agency.

STQC an e-procurement system is responsible for maintaining e-governance standards and related conformity as per the DeitY-guidelines which are an essential requirement for various government agencies for their e-procurement needs and for various entities to conduct forward auctions under SARFAESI.

SAMIL was also featured in the latest Market Report by Global Market Insights as key global player in the Pre-owned Vehicles and Equipment Market and with the STQC Certification; it has further enhanced its horizon in the public sector forward auction industry, which has a potential of over 50,000Cr annually in India.

SAMIL has always been a market leader and trend setter for auctions in India, and by entering public sector industry, it is sure to raise the bar high.  The certification stands as an assurance that the SAMIL’s exclusive Forward Auction portal is extremely dependable, trustworthy and above all very secure. Data of each client is stored securely in encrypted form on cloud thereby maintaining desired level of privacy, adding to its existing firewalls deterring any deliberate breach.  The state of the art auction portal is now CVC and GFR 2017 guidelines compliant and conforms to the standard requirements as per IT Act 2000. This exclusive forward auction portal https://property.samil.in has been robustly customised for disposal of both movable and immovable property and is capable of handling unlimited auction events; simultaneously for multiple clients across all Public Sector Undertakings and varied State Local Authorities. The robust portal will provide a reliable platform for all the leading government agencies to conduct transparent and hassle free auctioning.

On this achievement, Sameer Malhotra, CEO SAMIL said , “Online Forward Auctions has so far been untapped by us for the public sector and thus, we at Shriram Automall India Limited feel proud to receive STQC certification. So far at SAMIL, we were offering auction services, software development & consulting services to various Auto OEMs, Leasing companies, Banks/NBFCs and Insurance companies.”

“ Since PSU entities mandatorily require their e-procurement and forward auction service providers to be STQC certified as a prerequisite to empanelment, this will provide a very secure, accurate and trustworthy platform to all the leading PSU’s and all such financial institutions for auctioning their movable and immovable assets. Our engineering teams, including our colleagues at Shriram Automall India Limited, have all worked very hard in pursuit of the STQC Certification, I am sure that the new Certification of our auction engine will change the competitive landscape in India.” He added, “We have a great deal of experience in designing products in e-auction space. We strongly believe that this is the best way for us to satisfy the needs of our partners in India and around the world.” Mr Malhotra said