MCA21 Version 3.0: 1st Mission Mode E-Governance Project

The Ministry of Corporate Affairs (MCA) has declared to launch an online portal named “MCA21 Version 3.0” during the financial year 2021 to 2022. Also, it shall be significant to take into the note that the said online portal will be the 1^st Mission Mode E-governance Project of the Government of India.

Concept of MCA21 Mission Mode Project

The term MCA21 Mission Mode Project means an e-governance plan, which was started by the Ministry of Corporate Affairs (MCA). Further, the reason behind the amendment of this project was to assist the ministry in offering services to the 7.5 lakh corporate entities.  

Further, it shall be significant to take into note that MCA21 portal is used by various companies for submitting their documents as a part of compliance requirements under the provisions of the Companies Act 2013.

Furthermore, this portal is driven by Data Analytics and will have additional modules for Compliance Management, E-Adjudication, E-Consultation.

Also, this online portal will be well equipped with various micro services architectures for advanced analytics and upcoming digital platforms, such as Machine Learning (ML) and Artificial Intelligence (AI).

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Objectives of MCA21 Version 3.0

The key objectives of MCA21 Version 3.0 are as follows:

• To Reinforce Enforcement and Transform Corporate Regulatory Sector in India;
• To Promote Ease of Doing Business;
• To Enhance User Experience;
• To Facilitate Seamless Data Exchange and Integration among Regulators;

Key Components of MCA21 Version 3.0

The key components of MCA21 Version 3.0 are as follows:

E-Scrutiny

As per this component, the Ministry of Corporate Affairs is all set to constitute a Central Scrutiny Cell for the purpose of inspecting and examining some STP (Straight Through Process) Forms filed by the corporates on the official MCA21 registry. Also, this particular cell will raise flag to those companies which require in-depth scrutinises.

 E-Adjudication

The reason behind the implementation of E-Adjudication was to manage the continuously mounting adjudication proceedings by ROC (Registrar of Companies) and RD (Regional Directors). Also, it will confirm both the complete digitisation of the process of adjudication and will work as a platform for conducting online proceedings or hearings with the parties.

E-Consultation

The reason behind the implementation of E-Consultation was to automate and improve the process of public consultation on the proposed amendments and draft rules. Also, it shall be noteworthy to take into consideration that the said implementation will assist in AI driven sentimental analysis, consolidation, and categorization of stakeholder input, together with the creation of reports.

Compliance Management System

The main reason behind the implementation of the Compliance Management System was to determine the non-compliant Limited Liability Partnerships or Companies, together with the issuance of notice to the defaulters. Also, this mechanism will raise alerts about defaulters to internal users.

Further, this mechanism will work as a technology platform or solution for carrying out rule based compliance checks and undertake enforcement drives of MCA (Ministry of Corporate Affairs), such as the issuance of e-notice for the administration of corporates.

Introduction of MCA Lab

The main objective behind the implementation of the MCA Lab was to evaluate the efficiency of the Compliance Management System and e-consultation modules. Also, it shall be taken into the record that an MCA Lab consists of corporate law experts.

Other Components

The other components of MCA21 Version 3.0 are as follows:

• Cognitive chatbots enabling helpdesk;
• Mobile Applications;
• Interactive Dashboards;
• Enhancement of User Experience by way of UI/ UX technologies;
• Continuous Data Dissemination by way of APIs (Application Programming Interface);

Conclusion

In a nutshell, the government has decided to implement MCA21 Version 3.0 in the financial year 2021 to 2022, to improve the corporate sector of the company. Further, the main components of such an e-portal are E-Scrutiny, E-Adjudication, E-Consultation, Compliance Management System, and MCA Lab.

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Official MCA21 Version 3.0 Notification

mca21-v3.0-1-1

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