Corporate Governance - #SectorUpdates
The Ministry of Corporate Affairs (MCA) has announced the roll out of Version 3.0 of MCA 21. MCA has identified as many as nine forms – DIR3-KYC Web, DIR3-KYC Eform, DPT-3, DPT-4, CHG-1, CHG-4, CHG-6, CHG-8 and CHG-9 – will go live from 1st September, 2022. These would be the first set of forms that would be launched on the MCA21 V3 portal. The reform is aligned with global best practices and aided by emerging technologies such as Data Analytics, Artificial Intelligence and Machine Learning. It will help adding facilities such as e-scrutiny, e-consultation, e-adjudication and compliance management. The new forms are expected to emerge as a catalyst for an overhaul of corporate compliance, culture and corporate regulatory environment in the country towards transparency, simplification and meeting the need of various stake holders. It is also expected to strengthen enforcement, promote ease of doing business, improve the user experience and facilitate seamless integration among regulators.