The Ministry of Corporate Affairs (MCA) is going to launch data analytics-driven MCA21 Version 3.0 during the financial year 2021-2022.
As per a notification by the Ministry of Corporate Affairs, the MCA21 Version 3.0 shall have additional modules for e-Adjudication, e-Consultation, and Compliance Management, as well as the system, is the first Mission Mode e-Governance project of the Government of India.
The MCA21 V3 Project is a technology-driven forward-looking project, intended towards strengthening enforcement, promote the simplicity of carrying out business, improve the user experience, facilitate seamless integration as well as data exchange amongst regulators. The Ministry stated that the project would have a Micro-services architecture with high scalability and capabilities for advanced analytics.
Allied with global best practices and assisted through emerging technologies for instance Artificial Intelligence, MCA21 V3 is intended towards transforming the corporate regulatory environment in India.
The main components of MCA21 that is to be launched during the Fiscal Year 2021-22 are e-Scrutiny, e-adjudication, e-Consultation, Compliance Management System (CMS) as well as MCA Lab.
e-Scrutiny: The Ministry of Corporate Affairs is in the procedure of setting up a Central Scrutiny Cell which would scrutinize certain Straight Through Process (STP) Forms filed through the corporates on the MCA21 registry and flag the corporations for more in-depth scrutiny.
e-adjudication: E-adjudication module, was formed towards managing the increased volume of adjudication proceedings through Registrar of Companies (RoC) and Regional Directors (RD) and would facilitate end to end digitization of the procedure of adjudication, for the ease of customers. It would give a platform for conducting online hearings with stakeholders and end to end adjudication electronically.
e-Consultation: To automate and improve the current procedure of public consultation on suggested amendments and draft rules etc., the e-consultation module of MCA21 v3 would provide an online platform in which, the suggested amendments/draft legislation would be posted on the Ministry of Corporate Affair’s website for external clients/ comments and suggestions relating to the same in a structured digital format. Furthermore, the system would also facilitate AI-driven sentiment analysis, consolidation as well as categorization of stakeholders’ inputs, and making of reports on the basis thereof, for reference of the Ministry of Corporate Affairs.
Compliance Management System (CMS): CMS would assist the Ministry of Corporate Affairs in recognizing non-compliant corporations/LLPs, issuing e-notices towards the said defaulting corporations/LLPs, generating alerts for internal clients of the Ministry of Corporate Affairs. CMS would serve as a technology platform/solution for carrying out rule-based compliance checks and undertaking enforcement drives of the Ministry of Corporate Affairs in which e-notices would be issued by MCA for the effective administration of corporates.
MCA Lab: As part of MCA21 V3, an MCA LAB was set up, which would comprise of corporate law experts. The main function of MCA Lab would be to evaluate the effectiveness of the Compliance Management System, e-consultation module, enforcement module, etc. as well as recommend enhancements to the same on an on-going basis. The Lab would help MCA in confirming the correctness of results produced through these key modules considering the dynamic corporate ecosystem.
Additionally, MCA21 V3 would have a cognitive chatbot enabled helpdesk, mobile applications, interactive user dashboards, enhanced user experience utilizing UI/UX technologies, along with seamless data dissemination through APIs.
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