Corporate Affairs Ministry To Upgrade Filing System With Enhanced Security

ENA MSME 2024-07-01 13:31:59 New Delhi, Jul 1 (KNN) The Ministry of Corporate Affairs has announced plans to transition additional statutory filing forms to a web-based format with improved security features starting next month. This move is part of an ongoing technology transformation initiative for corporate filings. Nine new forms will be introduced in the updated version three format on July 15, including forms for companies to declare beneficial owners and non-beneficial shareholders. Forms for reporting dues to micro, small, and medium enterprises (MSMEs) and declarations about unclaimed dividends will also transition to the new format. The updated system implements two-factor authentication to enhance security and prevent fraudulent filings. Registrars of Companies (RoCs) will benefit from improved data analytics capabilities for detecting compliance issues. This initiative builds upon the migration of approximately 50 forms to the new format last year and is part of the broader IT revamp of the MCA21 portal, a government e-governance project. The upgrade aims to efficiently manage the increasing volume of data generated by the growing corporate sector. The new system offers several benefits, including pre-filled data from previous filings in machine-readable format, real-time verification of submitted information, and enhanced security measures. The ministry paused the rollout during the annual return filing season to avoid disruptions. With an estimated 150,000 new companies registering annually, each required to file 80-100 statutory documents per year, this technological upgrade is viewed as crucial for maintaining oversight of corporate governance. (KNN Bureau) 38419 https://knnindia.co.in/news/newsdetails/msme/corporate-affairs-ministry-to-upgrade-filing-system-with-enhanced-security 2024-07-01 13:31:59 knnindia.co.in Corporate Affairs Ministry To Upgrade Filing System With Enhanced Security