Economy

Leveraging AI/ML, new version of MCA21 to be launched on Monday

KR Srivats New Delhi | Updated on May 23, 2021

Version 3.0 of MCA21 to open a new chapter on corporate regulatory oversight in India

A data analytics driven version of MCA21, which was India’s first mission mode e-governance project, will be launched on Monday.

This version MCA21 V 3.0 is expected to strengthen enforcement, promote ease of doing business, improve user experience and facilitate seamless integration and data exchange among regulators.

MCA 21 is the online portal of Corporate Affairs Ministry (MCA) that has made all company-related information accessible to various stakeholders and general public. It was initially launched in 2006.

Advanced analytics

While presenting the Budget for 2021-22, Union Finance Minister and Corporate Affairs Minister Nirmala Sitharaman had said that the government will use data analytics, artificial intelligence, machine learning to launch MCA 21 3.0, which will add the facility of e-scrutiny, e-consultation, e-adjudication and compliance management among others.

This project plans micro services architecture with high scalability and capability for advanced analytics. It is aligned with global best practices and aided by emerging technologies such as Artificial Intelligence (AI) and Machine Learning (ML). The MCA21 version 3.0 is likely to be launched at the hands of Anurag Thakur, Minister of State for Finance and Corporate Affairs.

Under the e-scrutiny module, MCA set up central security cell will scrutinise certain straight through processing forms filed by the corporates on the MCA 21 registry and flag the companies for more in-depth scrutiny.

E-adjudication module has been conceptualised to manage the increased volume of adjudication proceedings by registrar of companies and registered regional directors and will facilitate digitisation of the process of adjudication, for the use of users. It will provide a platform for conducting online hearings with stakeholders and provide end-to-end adjudication electronically, sources said.

The e-consultation module of MCA 21 3.0 will provide an online platform wherein proposed amendment/draft legislation will be posted on MCA website for external users/comments and suggestions pertaining to the same in a structured digital format.

Compliance management

Compliance management system (CMS) will assist MCA in identifying non-compliant companies/LLP, issuing the notices to the said defaulting companies, generating alerts for internal users of MCA.

CMS will serve as a technology platform/solution for conducting rule-based compliance checks and undertaking enforcement drives of MCA wherein notices will be issued by the ministry for effective administration of corporates.

Published on May 23, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor