Ministry of corporate affairs shall present a newer and user interactive version of its compliance portal along with some other security patches for preventing the bogus activities and errors in furnishing the legal documents by the companies.
The latest company module shall get incorporated in some months. The latest version of the MCA21 portal would permit only the designated people acknowledging through the system to have the access, and fetch and notify the glitches in the forms furnished by the firms automatically towards revision.
The latest portal would remove the PDF files and comes up with web-based e-forms to ensure all the sections are furnished prior to the submission. Apart from that the data available with the MCA shall be pre-filled inside the form and could not get edited by the user.
The union government comes up with the pre-filled forms for the fields of the legal filing, along with the income tax, and GST as a segment of its tech-driven rules methods to diminish the control.
The remaking of the filing system would be the portion of rising the regulatory checkout via artificial intelligence to mine data and fetch how the businesses are handling their matters. “It will ensure statutory documents are submitted by a person authorised by the company and not by anyone having access to a user ID and password. The person will have to be recognised by the IT system. It will help in eliminating disputes relating to information submitted to the regulators,”
The experts mentioned with the incorporation of e-forms companies would not require to furnish their information available with the MCA 21 portal “In the current system for company filings, a person with a permanent account number (PAN), e-mail ID and mobile number could register multiple login IDs in the MCA21 filing system. In the new system, a person can have only one login ID with the details. This will reduce the multiplicity of login IDs of filers and the system will be able to identify who is the owner of a specific login ID,” Sandip Kumar Kejriwal, company secretary and member of the Institute of Company Secretaries of India (ICSI), Eastern India region commented.
Kejriwal specified that “In the beginning, professionals or companies may face some teething troubles, but in due course, it will be comfortable and beneficial for all stakeholders—companies and professionals,”
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Some issues were soon get resolved which arises when the government has moved to the online filings in MCA 21 portal nearly 15 years ago.
The latest filing system would provide the utility for personalizing the interface with the regulators in some ways for more simplicity. The ministry has improvised the filing system for the limited liability partnership. The same would be the process of leveraging technologies like artificial intelligence to mine corporate data to improve policymaking, forecasting financial tension in various sectors, and effectual enforcement.
