Mint Explainer: Has MCA21, the revamped corporate reporting platform, taken off?
New Delhi: The MCA21 portal, on which about 1.5 million active companies file their statutory documents, has been rebuilt from scratch and is now making the transition to a high-security filing regime. After professionals like accountants complained about difficulties in filing documents, the ministry of corporate affairs held extensive public consultation across multiple cities in June and is closely monitoring the functioning of the portal revamped by a private service provider. So, has the new corporate reporting regime taken off? Mint takes a look.
Upgrading the corporate reporting platform is a key e-governance project of the government. The revamped version has been built from scratch by LTIMindtree and the filing of forms is being migrated to the new version, called V3. So far, over 50 important corporate reporting forms have been migrated to the new version and another 30 are to be shifted to the new version.
Once that is done, the revamp will be complete. The new version of forms are web-based, compared to PDF documents uploaded earlier. These forms allow real-time validation of data at the time of filling of forms, based on information already available with the authorities.
V3 has deployed enhanced security features and makes use of artificial intelligence to process data. It entails 'two-factor' authentication for filing forms. Because of this, forms cannot be filed without the knowledge of the authorised person in a company which reduces the possibility of fraud.
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