New Delhi The Ministry of Corporate Affairs (MCA) will launch its new “intelligent” statutory filing system for corporations and limited liability partnerships (LLPs) early next year after the current filing season, which will peak in January, said a person. Development.
The government had earlier given businesses till the end of November to conduct their Annual General Meeting (AGM) and finalize accounts for FY2011, in view of the Covid-19 pandemic. It gives businesses until the end of January, two months after the AGM is held, to file their annual returns.
Once this filing season is over, the new system, which deploys artificial intelligence and machine learning for compliance management and regulatory oversight, was revealed by the person mentioned above, speaking on condition of anonymity.
The timing of the roll-out after this year’s filing season will help avoid any technology-related disruption, a key consideration for the government following the new income tax return filing portal glitches soon after the roll-out in June.
The new filing system developed by L&T Infotech is now undergoing field trials.
“The most important part of the new e-governance system—MCA21 version 3.0—is the module for statutory filing of companies and LLPs, which is the interface between businesses and the registrar of companies. Once the interface is seamlessly functional, Other modules which are meant for internal use, such as analysis of data or e-decision facility, can be started without any hassle,” the person said.
MCA21 Version 3.0 Regulatory oversight and limited liability of companies for widespread use of technology to quickly analyze businesses and their transactions based on various financial parameters to detect unhealthy trends in the industry and identify potential wrongdoers will mark an important milestone in the partnership.
As various regulatory and investigative agencies are increasingly sharing data among themselves, the new compliance portal will help the government crack down on fraudulent transactions aimed at diversion of funds and money laundering.
The revised MCA21 portal is expected to change the corporate regulatory environment in India.
An email sent to the Ministry of Corporate Affairs on Friday did not elicit any response at the time of publication.
Regulatory oversight by the Registrar of Companies (ROC) and Regional Directors attached to the ministry requires inspection of books as well as inspection depending on the nature of the case.
Serious crime cases are referred to Serious Fraud Investigation Office (SFIO).
On the other hand, the government is taking several steps to improve the ease of doing business, including decriminalizing the Companies Act and the LLP Act, which has made procedural and technical violations a civil offence.
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,