MCA 21 Version 3 explained: this guide covers what MCA 21 Version 3 means, who it applies to, the step-by-step process, documents required, fees, due dates and penalties in India — so you can stay compliant with confidence and avoid costly mistakes.
Ministry of Corporate Affairs vide Press Release no. 1695473, dated 05th February 2021 has come out with MCA Version 3.0 outline and key features. This Version will have additional modules for e-Adjudication, e-Consultation, and Compliance Management.
MCA Version 3.0
MCA21 V3 Project is a technology-driven forward-looking project, envisioned to strengthen enforcement, promote Ease of Doing Business, enhance the user experience, facilitate seamless integration and data exchange among Regulators. The project will have a Micro-services architecture with high scalability and capabilities for advanced analytics.
- MCA is now equipped with multi-features AI - Tech
Aligned with global best practices and aided by emerging technologies such as AI and ML, MCA21 V3 is envisioned to transform the corporate regulatory environment in India.
Key Features:
- e-Scrutiny: MCA is in process of setting up a Central Scrutiny Cell which will scrutinize certain Straight Through Process (STP) Forms filed by the corporates on the MCA21 registry and flag the companies for more in-depth scrutiny.
- e-adjudication: E-adjudication module, has been conceptualized to manage the increased volume of adjudication proceedings by Registrar of Companies (RoC) and Regional Directors (RD) and will facilitate an end to end digitization of the process of adjudication, for the ease of users. It will provide a platform for conducting online hearings with stakeholders and end to end adjudication electronically.
- e-Consultation: To automate and enhance the current process of public consultation on proposed amendments and draft rules etc., the e-consultation module of MCA21 v3 will provide an online platform wherein, proposed amendments/draft legislation will be posted on MCA’s website for external users/ comments and suggestions pertaining to the same in a structured digital format. Further, the system will also facilitate AI-driven sentiment analysis, consolidation and categorization of stakeholders’ inputs, and creation of reports on the basis thereof, for reference of MCA.
- Compliance Management System (CMS): CMS will assist MCA in identifying non-compliant companies/LLPs, issuing e-notices to the said defaulting companies/LLPs, generating alerts for internal users of MCA. CMS will serve as a technology platform/solution for conducting rule-based compliance checks and undertaking enforcement drives of MCA wherein e-notices will be issued by MCA for the effective administration of corporates.
- MCA Lab: As part of MCA21 V3, an MCA LAB is being set up, which will consist of corporate law experts. The primary function of MCA Lab will be to evaluate the effectiveness of the Compliance Management System, e-consultation module, enforcement module, etc., and suggest enhancements to the same on an on-going basis. The Lab will help MCA in ensuring the correctness of results produced by these key modules in view of the dynamic corporate ecosystem.
- Chatbot enabled helpdesk: MCA21 V3 will have a cognitive chatbot enabled helpdesk, mobile apps, interactive user dashboards, enhanced user experience using UI/UX technologies, and seamless data dissemination through APIs.
- Link: Click Here
Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.