e-KYC: India Inc directors get 15 days more to submit details with reduced fee

K R Srivats | Updated on September 21, 2018 Published on September 21, 2018

For those who file the e-form DIR-3 KYC between September 21 to October 5, the fee would be Rs 500.

Penalty of Rs 5,000 will be applicable if DIR-3 KYC is filed after October 6, 2018

In a relief for thousands of directors of companies who are yet to do e-KYC, the Corporate Affairs Ministry has allowed them another 15 days time to complete the process. Such directors can do so after paying a reduced fee of Rs 500.

For those who file the e-form DIR-3 KYC between September 21 to October 5, the fee would be Rs 500 and from October 6, the fee would be Rs 5,000, the MCA had said in a notification issued on Thursday.

It may be recalled that MCA had last extended the deadline/due date for the filing of e-form DIR-3 KYC (Directors KYC) from August 31, 2018 to September 15, 2018 without any late filing fee. It had also then specified that the late fee or penalty of Rs 5,000 would be applicable if the e-form DIR-3 KYC is filed on or after September 15, 2018 in respect of financial year 2017-18.

Reacting to the latest MCA move, C S Lele, President, Institute of Company Secretaries of India (ICSI), said: "We are hopeful that this further extension would provide much needed relief to the stakeholders. The stakeholders are advised to utilise the extended time for filing the said form.’’

ICSI had taken up the issue of providing more time to directors and held discussions with the MCA on this matter. An ICSI delegation had met the Corporate Affairs Minister, and MCA Secretary to discuss the possible ways of resolving the issues relating to KYC compliance.

Published on September 21, 2018

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