1. mca 21

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1. mca 21

  1. 1. India’s First Mission Mode e Governance Project under NeGP AVINASH SRIVASTAVA Joint Secretary Ministry of Corporate Affairs Government of India 1
  2. 2. VISION OF THE MINISTRYTo facilitate corporate growth withenlightened regulation. 2
  3. 3. Vision MCA21 •Reposition MCA •To fulfill the aspirations of its stakeholders •To achieve global competitiveness for the 21st centuryFoundation for a healthy business ecosystem
  4. 4. MCA 21 Showcase• The session will showcase three perspectives: – Ministry’s – Operator’s : by TCS – and Registrar’s Office by Registrar of Companies Delhi 4
  5. 5. Ministry Perspective• Need, Vision & Strategy for MCA21 – PPP using BOOT model – Independent PMU – 3rd Party Audit – Certification by Project Consultant – Government committees: Empowered Committee, Apex Committee• Policy Enablement & Legislative support• Change Management – Internal and External (Stakeholders)• Benefits to Government, Business, Public, FIs• Continuous Business Change 5
  6. 6. Business Drivers - Need for MCA21Ever-increasing corporates Physical Presence Limited Payment Options• More than 700,000 corporates • Payments were to be made in • Millions of corporate representatives person• About 6 crore pages maintained in files visit ROC office every year • Only cash or Demand Draft• One lakh charge registrations per year • Physical presence of company accepted not even cheque representative required for all transactionsLimited Access Points Long Queues Record Rooms Maintained Manually• Mostly one office per state • Slow manual collection and verification• Ever-increasing stakeholder base process • Information availability to • Unmanageable situation during peak stakeholders was time consuming filing season of Oct-Nov-Dec and inaccurate Paper Based Transactions • Paper overload doesnt permit other value added service • Paper sorting, storage and retrieval was very cumbersome and time consuming 6
  7. 7. MCA21 – Transformation (since Jan, 2007 across the whole country) Previous Current 7
  8. 8. Scope of Services – MCA21• Name Approvals• Incorporation of new companies• Filing of annual statutory returns• Grant of all approvals• Easy access to public records of companies to all stakeholders• Grievance redressal• Compliance management & effective regulation• Platform for implementing value-added services• Interoperability with other Government Department / Ministries/Regulators 8
  9. 9. MCA21 Implementation Strategy• Service Delivery based PPP Model• Consultative and Team Approach – Unambiguous technical specifications (including prototypes) – Cross-functional team including expert from business domain, financial modeling, IT, legal professionals with participation from professional institutes• Modernization of offices• Process Re-engineering to adapt to a technology- enabled environment• Migration of legacy data (45 Million pages digitized) 9
  10. 10. MCA21 Change ManagementINTERNAL• Policy : Amendments to Companies Act enabling and mandating electronic filing• Employees: A large scale training and transformational exercise, ensuring participation of all levels of employees, with tacit support of boot partner. Each of the field office was made part of the team to carry out transformation within.EXTERNAL• Involvement of Professional Institutes (ICAI, ICWI, ICSI) & Industry Chambers.• Countrywide Facilitation centers• Certified Filing Centers (> 900 in numbers)• Extensive Media Campaign – Educative & Informative 10
  11. 11. Innovations Used• Electronic payment methods like Credit Card, Internet Banking & recently introduced NEFT type of payment• Elimination of repetitive data using ‘pre-fill’• Automated pre-scrutiny to ensure accuracy of data• Authentication of forms via DSC• Utilization of publicly available software so that end-user did not incur any additional cost• Straight Through Processing of filings with system approval• Introduction of Electronic Stamp• System of Role-Check to verify antecedent of the signatory 11
  12. 12. MCA21 – Best Practices ‘Blue print’ Approach – RFP Document Holistic outsourcing – PPP Model Digitization of legacy – assembly line approach RFO – Addressing Digital Divide Outcome (SLA) based monitoring Back office workflow – productivity management Straight through approval process PMU for strategic and operational monitoring Green project – eForm & eStamp 12
  13. 13. Project Objectives and Realization1. Business – enabled to register a company and file statutory documents quickly and Nature of Service Prior to MCA21 After MCA21 easily Name Approval 7 days 1-2 day2. Public – to get easy access to records and get their grievances redressed effectively Company incorporations 15 days 1-3 days3. Professionals - to be able to offer efficient BS / AR Filing 60 days Instantaneous services to their clients Change in directors 60 days 1 day4. Financial Institutions – to find registration and verification of charges easy Inspection of public Visit to ROC Online documents5. MCA – to ensure proactive & effective compliance and corporate governance6. Employees - empower to deliver best of • Revenue Increase from 7000 to 14000 Million services Rupees • ZERO Revenue Leakage • National Charge Database Established Facilities for On-line end-end interaction with • Used by all Banks & FIs before loan MCA services on portal disbursal to companies Provides Any Time, Any Where access to MCA • Automation of all Internal Functions services on a 24X7 basis • Transaction-wise Payment Reconciliation 13
  14. 14. Overview : Statistics at a Glance (as on 11-02-2012)Active Companies 762,000Public Limited Companies 58,000Private Limited Companies 704,000Dormant Companies 153,000Foreign Companies 3183Listed Companies – BSE 5086Listed Companies – NSE 1552Companies under Liquidation 4612Number of Limited Liability Partnerships 7952registered under LLP Act 14
  15. 15. Growth of Company Incorporation100000 92080 90000 80000 70000 68088 65899 65139 60000 52524 50000 40000 30000 20000 10000 0 2006 - 2007 2007 - 2008 2008 - 2009 2009 - 2010 2010 - 2011 15
  16. 16. Growth of Company Filings700000 596988600000500000 451830 393305400000 344992300000 294519200000 143925 163617 132073 118844 98262100000 0 2006 - 2007 2007 - 2008 2008 - 2009 2009 - 2010 2010 - 2011 Annual Returns Charges (eform 8,10 & 17) 16
  17. 17. MCA Website
  18. 18. MCA21 – Key Achievements• Procedural uniformity across all offices• Speed and certainty of service delivery, with ease of access• Transparency – status of processing of filings and approvals• Problem of malpractices inherent with a paper-based system addressed (such as ante-date filings, incomplete filings, replacing documents, etc.)• Establishment of a dependable data for effective compliance management• Platform for further processes refinement• Empowerment of the citizen/investor with authentic data about companies through the Internet 18
  19. 19. Recent ImprovementsTrouble free Peak Filing:October and November each year are the peakfiling season for Balance Sheets and AnnualReportsThe Ministry set in motion advance readinessaction plan software optimization hardware augmentation appeal to corporates to stagger filings through media campaigns, portal message etc. 19
  20. 20. Recent Improvements (Contd..) More than 1.5 Million filings were received in the months of Oct & Nov without any hindrance which is 17% more than last year An all time high of 79,000 filings was recorded on 29th Oct 2011. 20
  21. 21. MCA21 adds new PARADIGM - XBRL Companies mandated to file in XBRL mode in Phase I (FY 2010- 11 onwards i.e. balance sheet date as 31.03.2011 or onwards)– • All listed companies and their Indian subsidiaries, • All companies having a paid up capital of Rs 50 Million or more, • All companies having a turnover of Rs 1000 Million or above Banking companies, insurance companies, power companies and NBFCs registered with RBI exempted from XBRL filing for this financial year as their respective taxonomies are under development As on Date more than 23500 companies have successfully filed their documents in XBRL 21
  22. 22. Company Registration1. Obtain Director Identification Number (DIN) online by giving name, fathers’ name, date of birth, address, and Income Tax permanent account number of the proposed director2. Foreign national has to give passport details in place of Income Tax permanent account number3. Obtain Name of the proposed company by filing application online. Normally Name is made available online / within 24 hours.4. Process developed to give Name immediately online5. File Incorporation documents such as Memorandum, Articles, particulars of promoters, directors and place of registered office of the company.6. Incorporation Certificate is now issued online between 24-48 hours 22
  23. 23. AWARDS WONDATAQUEST Path breaker Award for 2006National e-Governance Award for 2007 for Business Process Re-EngineeringDATAQUEST e-Governance vendor award for 2007Prime Ministers Award for excellence in Public Administration
  24. 24. THANK YOUA GREEN PROJECT SAVES 100 MILLION PAGES EACH YEAR!avinash.srivastava@mca.gov.in 24

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