MCA21 Version 3.0 Compliance Portal
Source : PIB
GS II : Important aspects of governance, transparency and accountability, e-governance- applications, models, successes, limitations, and potential; citizens charters, transparency & accountability and institutional and other measures
Why in News ?
Minister of State for Finance and Corporate Affairs launched the first phase of Ministry of Corporate Affairs (MCA) MCA21 Version 3.0 Compliance Portal (V3.0) to transform the corporate regulatory environment in India.
About MCA21
- MCA21 V3 Project is a technology-driven forward looking project.
- It 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.
- It comprising of revamped website, new email services for MCA Officers and two new modules, namely, e. Book and e. Consultation.
- The MCA V3.0 is going to be implemented in two phases.
- The second and final phase shall be launched from October 2021 onwards.
- The entire project is proposed to be launched within this Financial Year and will be data analytics and machine learning driven.
- The MCA21 V3.0 in its entirety will not only improve the existing services and modules, but will also create new functionalities like e-adjudication, compliance management system, advanced helpdesk, feedback services, user dashboards , self-reporting tools and revamped master data services.
Major Components of the MCA21 Version 3.0 Compliance Portal
It is designed to fully automate all processes related to the proactive enforcement and compliance of the legal requirements under various statutory acts. It has the following components.
e-consultation module
- Virtual public consultation of proposed amendments and new legislations to be introduced by MCA from time to time.
- Leverage Artificial intelligence for compiling, grouping and categorising comments/inputs received from stakeholders and create analytical reports for quick policy decision making.
- New email service for officers of MCA will provide them with advanced features and capabilities for organised and managed communication with internal as well as external stakeholders.
e-Scrutiny
- MCA is in process of setting up a Central Scrutiny Cell which will scrutinise certain Straight Through Process (STP) Forms filed by the corporates on the MCA21 registry.
- It will flag the companies for more in depth scrutiny.
e-adjudication
- To manage the increased volume of adjudication proceedings by Registrar of Companies (RoC) and Regional Directors (RD)
- This will facilitate end to end digitisation 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.
Compliance Management System
- 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 effective administration of corporates.
MCA Lab :
- MCA LAB is being set up for MCA21 V3.0 Portal.
- It will consist of corporate law experts.
- MCA Lab will evaluate the effectiveness of
- Compliance Management System
- e-consultation module
- enforcement module with others
- The Lab will help MCA in ensuring the correctness of results produced by these key modules.
Ease of Doing Business
- India ranked 63rd out of 190 countries in Ease Doing Business 2020: World Bank Report has improved from 142nd position in 2014 to 63rd position in 2020.
- Within ease of doing business, the focus now is on reduction in compliance burden by using technology , third party assessment and faceless human intervention.
- Statutory Obligation for business
- Starting a business : Starting a business involves obtaining clearances, and conforming to various regulations under laws such as Companies Act, 2013.
- Getting credit and resolving insolvency : The Insolvency and Bankruptcy Code passed in 2016 provides for a 180-day time-bound process to resolve insolvency.
- Paying taxes : The report notes that India made paying taxes easier by requiring that payments to the Employees Provident Fund are made electronically.
- Enforcing contracts : The introduction of the National Judicial Data Grid has made it possible to generate case management reports on local courts.
- Start-up India Action Plan in January 2016 : The 19-point plan identified steps to simplify the process for registering and operating start-ups. It also proposed to grant tax exemptions to these businesses.
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