MCA to Launch MCA-21 Version 3, Focus on Online Compliance Monitoring and Ease of Doing Business

Highlights

  1. MCA-21 is an initiative undertaken by the Ministry of Corporate Affairs in order to store and maintain data of all the registered companies that file accounts online with MCA
  2. The MCA-21, V 3.0 will come up with features like single source of truth, online compliance monitoring, ease of doing business, e-adjudication etc.
  3. A survey report of NSSO declared over one third of the companies under the MCA’s MCA-21 database used in calculating India’s GDP could either not be tracked, incorrect or non-functional.

The Ministry of Corporate Affairs (MCA) is currently working on the version 3 of  MCA-21 database, which will focus on many current lags to upgrade the functionality of its database.

The MCA-21, V 3.0 will come up with features like single source of truth, online compliance monitoring, ease of doing business, e-adjudication etc. All focussed at improvizing the genuinity and comprehensiveness of corporate data.

“A new version is coming. Version 3 will be a priority that is expected to take one more year to take control as the process of selection of vendors could be started as early as September after the formation of the new government. After that, tests and migration of the MCA-21 platform to a new version will start,” MCA sources said.

“The Version 3 will ease the process of filing details as the single source of truth will ensure that common information will automatically get updated over various forms. Second, the entire e-adjudication process will go online. This will ensure that nobody is required to go to a RoC. Everything will be on the project, from entire e-adjudication to online compliance monitoring. So if anyone is not complying with the law, e-notice will automatically get generated and reach him”, the MCA sources added.

The MCA-21 which was going under new changes has emerged itself under a lot of criticism over the utilization of the already enrolled companies under the registry. Government’s sample surveyor has suspected the accuracy of these listed companies, saying 21% of these companies from MCA-21 database were not covered, meaning they were not operating. While another 12% of companies just disappeared and could not be found, raising a big question mark over accuracy of GDP data that changed to verifying corporate data using MCA-21

MCA-21 is an initiative undertaken by the Ministry of Corporate Affairs in order to store and maintain data of all the registered companies that file accounts online with MCA.

The government has already mentioned that these changes would not bring any impact on the GDP data, suitable adjustments are made at aggregate levels.

This has ignited the doubts on the GDP data, after a survey report of NSSO declared over one third of the companies under the MCA’s MCA-21 database used in calculating India’s GDP could either not be tracked, incorrect or non-functional.

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Important Links

  1. MCA-21 version 3 to offer ease of doing biz, online compliance monitoring

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