Government turns to artificial intelligence for MCA 21 portal to ease compliance process

By: |
New Delhi | Published: May 19, 2019 1:39:40 PM

Earlier this year, the ministry sought applications from service providers to develop as well as operate the upgraded version of MCA 21 system.

artificial intelligence india, artificial intelligence, MCA 21 portal, compliance process(Reuters)

Corporate affairs ministry plans to introduce artificial intelligence system in the MCA 21 portal as it seeks to make compliance process easier as well as ensure routine enforcement activities are done round-the-clock on autopilot basis.

MCA 21 is the electronic backbone for dissemination of information to all stakeholders, including the regulator, corporates and investors. All filings under the companies law are submitted to the ministry through this portal.

Corporate Affairs Secretary Injeti Srinivas has said the ministry would look to “introduce Artificial Intelligence in MCA 21 when version 3 of the portal is rolled out in about a year’s time”.

“It will look to rationalise all the forms, follow the principle of single source of truth so that one is not required to fill in known details again (as it will get filled automatically) and also interlink databases, so that routine enforcement is done 24×7 on autopilot basis,” he said.

In the ministry’s monthly newsletter, Srinivas also said that MCA 21 allows electronic filings of various documents under Companies Act, 2013 and has fully automated all processes related to enforcement and compliance monitoring under the Act.

Earlier this year, the ministry sought applications from service providers to develop as well as operate the upgraded version of MCA 21 system.

MCA 21 system was started in 2006.

The first phase of the e-governance initiative of the ministry was implemented by Tata Consultancy Services and the second phase is being implemented by Infosys for the period from January 2013-July 2021.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1Trade wars: China just doesn’t want to be like the West
2US-China feud widens, Europe populists buoyant: weekend reads
3There will be no winners in US-China trade war