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Corporate Governance: EoDB Initiatives of the Government

Online compliance monitoring: MCA to revamp MCA-21 database and launch version 3.0

MCA-21 is an MCA initiative to store data of all registered companies who file returns online.

New Version to be effective in about a year. Test and migration to new version to start in 6 months

Main aim of the revamp are:

•   To rectify the flaws/errors/defects of the present online registration and monitoring system;

•   To eliminate redundant and irrelevant data through a KYC initiative

•   To establish a single source entry of information so that it can be automatically updated in various forms;

•   To upgrade the e-adjudication in its entirety to eliminate physical visits to the ROC

•   To establish a system where compliance monitoring is online as well;

•   Issuance of E-notice automatically in case any violation detection.

Commerce Ministry has asked MCA to explore options to reduce the regulatory burden of the compliant companies

In an effort to reduce compliance burden of companies, especially SMEs, Commerce Ministry has requested MCA to explore options through which:

•     Companies can opt for self-certification and file a single annual return;

•     The Forms for certifying company’s registered office and for becoming a director of a company to be clubbed with annual return;

•     To do away with the compulsory certification of the returns filed under the under Companies Act, 2013 by a CA or a CS and introduce the provision for self-certification and verification

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