MCA intends to launch 30 new online forms for statutory filings under the Companies Act. This is the last stage in the transition to an AI-enabled corporate reporting regime, by the end of July.
Reetu | May 12, 2023 |
MCA introduces AI-Enabled Corporate Reporting Regime for Statutory Filings Under Companies Act 2013
The Ministry of Corporate Affairs(MCA) intends to launch 30 new online forms for statutory filings under the Companies Act. This is the last stage in the transition to an AI-enabled corporate reporting regime, by the end of July.
With the integration of financial statements and large-volume transactions into the system, authorities will be able to spot patterns in a company’s financial health, governance, and defaults more easily.
This trend towards automation and digitization is projected to expedite and simplify the filing process for businesses, minimising the need for manual involvement and speeding up the approval process.
Furthermore, the adoption of AI techniques will allow authorities to analyse data more thoroughly, swiftly and correctly identifying any possible concerns or abnormalities.
As a result, this is a big step towards modernising corporate reporting and improving company transparency. We are excited to see how this new method will assist both firms and regulators.
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