Despite government's efforts to address such issues, companies continue to suffer technical difficulties when using the MCA's improved Version 3 system for corporate filings.
Reetu | Mar 11, 2023 | Views
MCA V3 Portal for Corporate Filings Faces Technical Glitches
Despite the government’s efforts to address such issues, companies continue to suffer technical difficulties when using the MCA’s improved Version 3 system (MCA21 V3) for corporate filings.
According to insiders, industry associations may require physical files of more forms until the platform is completely operational. As of now, such a special permission for submitting in physical mode has been granted for eight forms.
The sources claimed that despite a high-level group allegedly assessing the problem, the portal’s development has been extremely slow and the majority of problems are still unsolved.
A handful of users have also lodged concerns with the MCA’s specially staffed support line via social media.
As a result of the changeover, many teething problems are being experienced by the stakeholders across India, delaying the submission of numerous forms, according to Sumit Maheshwari, partner at the chartered accounting firm Ashok Maheshwary & Associates. Even if the files are behind schedule, it has been challenging to conduct KYCs for foreign and overseas directors since OTPs could not be generated in time. As the website is still in the development and correction phase, forms frequently display several errors.
The ministry should eliminate additional filing fees for the months of January through March, according to Ankit Singhi, head of corporate affairs & compliances at Corporate Professionals. “The MCA portal’s third version is undoubtedly posing several difficulties for both experts and India Inc. I believe much more has to be done, even if the MCA appears to be genuinely investigating the problems,” he stated.
Customers are reportedly encountering a number of bugs, including those connected to filing incorporation paperwork even after the name (Spice Part A) has been approved and registering directors’ digital signatures, which prevents forms from being filed. The system does not display digital signatures as registered even after they have been registered.
Moreover, even after Form DIR-3 approval, the director information number (DIN) and DIN allocation letter have not been sent (for DIN). The master data takes a long time to reflect the update after forms are approved.
Another issue consumers have is that even after waiting for 30 days, they still haven’t received the approval letter or certificate of information, even though the name or incorporation form has been approved. One-time passwords are not delivered instantly.
56 corporate filing forms had been moved by the MCA to its enhanced V3 platform by January of current year. Nirmala Sitharaman, the union minister of finance and corporate affairs, requested the formation of a dedicated team to answer public complaints as they arise and to keep a daily eye on the issues because many users were experiencing issues. In order to swiftly resolve the issue, the ministry has also been collaborating with the Institute of Company Secretaries of India, the Institute of Chartered Accountants of India, technology company LTI Mindtree—which is the creator of the new portal—as well as consultants EY India and National Institute of Smart Governance.
As a courtesy to users, the MCA has permitted physical filing of eight company forms until March 31, 2023, as well as the deadline for the 45 newly launched forms and PAS-03 until March 31, without additional fees.
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