8 August 2022
MCA21 Version 3 expected to be rolled out this month
 
The Ministry of Corporate Affairs (MCA) has been making continuous efforts to serve stakeholder better. In line with that objective, the MCA will introduce a new LLP portal for filing of LLP forms. Currently, the MCA is in the process of upgrading the present version of the portal from Version 2 (V2) to Version 3 (V3). V3 will be a better version of the MCA21 portal and will enable the following:
  • Login and User Registration
  • DSC Association
  • LLP/Company Form Filings.
There will be further changes in terms of Business Users, Registered Users, and Professional Users. Furthermore, all existing company forms and LLP forms will be migrated from the current V2 portal to new V3 portal of MCA21.

The MCA will be launching the first set of company forms on the MCA21 V3 portal on 31 August 2022 at 12:00 a.m.

The following forms will be rolled out in a phased manner: DIR3-KYC Web, DIR3-KYC Eform, DPT-3, DPT-4, CHG-1, CHG-4, CHG-6, CHG-8, and CHG-9.

The MCA has issued important advice to all stakeholder to note the following:
  • Company e-Filings on the V2 portal will be disabled from 15 August 2022 12:00 a.m. for the nine forms mentioned above. All stakeholders are advised to ensure that there are no SRNs with the status ‘pending payment’ or ‘for resubmission’.
  • Offline payments for the nine forms mentioned above in V2 using the ‘Pay later’ option will be discontinued from 7 August 2022 12:00 a.m. Stakeholders are requested to make payments for these forms in V2 through the online method (credit/debit card and net banking).

Our Comments
MCA21 V3 will likely reduce the requirements of attachments, enable web-based forms, and strengthen the pre-fill mechanism. This essentially will give new meaning to corporate compliance culture and will further enhance the trust and confidence in the corporate regulatory and governance system.

However, at the same time, the transition period for this change needs to be carefully observed as there are certain time bound compliances which will need to be adhered to during the same period. Compliances such as Directors KYC, MSME form, Annual Filing, etc. must be planned well in advance so that technical glitches during the transition period do not hamper company compliance.

The circular link is given for your ready reference.
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