Ministry of Corporate Affairs Version 3 of the new MCA21 portal. will test

Ministry of Corporate Affairs Version 3 of the new MCA21 portal. will test

The Ministry of Corporate Affairs will begin the rigorous testing of version 3 of its new MCA21 portal, which is expected to be launched by the end of this financial year. The ministry is taking every precaution to avoid the problems faced by the newly launched income tax portal.

“IT projects are big, and there can be initial problems. We will ensure that everything goes glitch free. We have not faced any problem after the launch of the first phase of the new MCA 21 portal. We will soon Will start field trials,” said a senior government official. The new variant is being powered by L&T Infotech.

“Even the transition from Infosys to L&T Infotech has been mess-free.

We are testing user acceptance to ensure that stakeholders are not inconvenienced,” said the senior government official. The new MCA21 Version 3 Portal seeks to use artificial intelligence to improve user experience and strengthen enforcement mechanisms, from online filing and hearings to early detection of fraudulent e-checks and to strengthen compliance management systems for companies. have hope.

The main objective of the portal is to facilitate seamless integration and data exchange between regulators.

A revised website with e-book facility was launched in May.  The data analytics-driven system, as the ministry describes, will make filing easier for companies and enable early detection of lapses in filings.

Through an automated system, the government will keep a close watch on ratios such as debt to turnover, inventory to turnover, or debt to assets as early red flags.

This new version will have a Compliance Management System or CMS to identify non-compliant companies and LLPs, issue e-notices to the said defaulting entities and generate alerts for internal users of the MCA.

The government is setting up a central probe centre, built into this new system, which will pull companies where the system detects any suspicious activity in the list of parameters being finalized by the corporate affairs ministry.

The findings will also help in creating a risk profiling system for companies.  The Central Detection Center will be the first port of call once the alert is triggered.  If necessary, the matter will be referred to the Registrar of Companies concerned for further investigation.  The ministry will set up a new post of registrar of the Central Test Centre.

The center will scrutinize certain straight through process forms filed by corporates on the MCA21 registry and flag the companies for more in-depth scrutiny.

The portal will also be used for e-consultation on proposed amendments and draft rules.

Experts say the introduction of the MCA21 will further the government's role as law enforcer, bypassing clerical work such as document filing for artificial intelligence-based automated systems.

As part of version 3 of MCA21, an MCA LAB is being established, which will include corporate law experts to evaluate the effectiveness of the system.  In an earlier statement, MCA had said: "The project will feature a micro-services architecture with high scalability and capabilities for advanced analytics."

Key Components of MCA21 Version 3

  • e-check
  • e-decision
  • e-consultation
  • compliance management system
  • MCA Lab of Corporate Law Experts
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