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Picture Courtesy:  TAXSCAN

Context:

The Ministry of Corporate Affairs (MCA) is upgrading its MCA21 portal to enhance corporate services.

About the MCA21 Portal

It operates as the primary online platform for the Ministry of Corporate Affairs (MCA).

It is an e-Governance Mission Mode Project under the National e-Governance Plan, designed to streamline and automate regulatory compliance for the corporate sector.

The portal was launched in 2006 with the objective of automating all processes related to the enforcement and compliance of laws administered by the MCA, primarily the Companies Act and the Limited Liability Partnership (LLP) Act.

Core Function => It provides a single, secure online interface for companies, professionals (like Chartered Accountants and Company Secretaries), and the general public to interact with the Registrar of Companies (RoC).

The portal facilitates a wide range of essential services, including:

• Registering a new company or LLP.
• Applying for a Director Identification Number (DIN).
• e-Filing of all statutory documents, annual returns, and financial statements.
• Viewing master data and public documents of any registered company.
• Registering and verifying charges (i.e., loans or mortgages taken by a company).
• Investor services and grievance redressal.

Recent Development

The most recent development is the phased migration of the entire system from its legacy platform (Version 2 or V2) to a completely new, technologically superior platform (Version 3 or V3).

The V2 platform was based on older technology. The V3 portal is being built to leverage modern capabilities, including:

• The new system is designed to use Artificial Intelligence and Machine Learning for proactive monitoring and automated scrutiny of filings, helping to identify non-compliant entities or potential shell companies more effectively.
• V3 includes dedicated modules for online adjudication of penalties and a comprehensive compliance management system.

Source: 

TAXSCAN