The MCA21 V3 project aims to strengthen enforcement, promote ease of doing business, enhance user experience, facilitate seamless integration and data exchange among regulators.
The ministry of corporate affairs (MCA) said on Friday that it will launch the data analytics-driven MCA21 Version 3.0 in the current financial year. The new version will have modules for e-Adjudication, e-Consultation and compliance management.
The MCA21 V3 project aims to strengthen enforcement, promote ease of doing business, enhance user experience, facilitate seamless integration and data exchange among regulators. The project will have micro-services architecture with high scalability and capabilities for advanced analytics, the ministry said.
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Aligned with global best practices and aided by emerging technologies like artificial intelligence and machine learning, MCA21 V3 is expected to transform the corporate regulatory environment in India.
Its key features include a central cell to scrutinise certain Straight Through Process (STP) forms filed by corporates on the MCA21 registry and flag the companies for more in-depth scrutiny. Another is an e-adjudication module, which has been conceptualised to manage the increased volume of adjudication proceedings by the registrar of companies (RoC) and regional directors (RD).
The new version will also have a compliance management system (CMS), which will assist MCA in identifying non-compliant companies/LLPs, issuing e-notices to the said defaulting companies/LLPs and generating alerts for internal users of MCA. It will serve as a technology platform for conducting rule based compliance checks and undertaking enforcement drives of MCA wherein e-notices will be issued by MCA for effective administration of corporates.
“As part of MCA21 V3, an MCA lab is being set up, which will consist of corporate law experts. The primary function of the MCA Lab will be to evaluate the effectiveness of CMS, e-consultation module, enforcement module, etc, and suggest enhancements to the same on an on-going basis. The lab will help the MCA in ensuring the correctness of results produced by these key modules in view of the dynamic corporate ecosystem,” the ministry added.