3 crf - mmj

RegistrarPerspective Manmohan Juneja Registrar of CompaniesNCT of Delhi and Haryana 1

Registrar Perspective• File Approval• MIS• Automatic Scrutiny• Stakeholder response• Paper less model• Adhering to Public Service Levels• Grievance Management• Complaint / Prosecution / Inspection• Data Analytics• Escalation 2

Pre MCA 21 > 700,000 registered companies, each filed approx. 50 sheets of paper annually. 5 Year document retention time. At least 1.5 Billion sheets of paper retained in registry. Cumbersome, time consuming and error prone paper sorting, storage and retrieval. 350,000 company reps visited ROC offices every year. Slow manual filing and verification processes. Difficulties and delays in regulatory action.

MCA21- Key Features•Anywhere, anytime e-Filing•Multiple payment options – includingelectronic payments•Digital signature ensures validity ofdocuments in the court of law•Unique identification of companies (CIN)and directors (DIN).•Electronic workflow driven paperless backoffice in MCA•Insulation of the front and back officesthrough e-gateway•MCA – to ensure proactive & effectivecompliance and corporate governance•Employees - enabled to deliver best ofbreed services

Corporate Regulation and the Companies Registry• Companies Act, 1956 requires companies to make disclosures by filing of prescribed documents with the Registrar of Companies.• The companies registry provides – – authentic repository of all corporate data from inception to liquidation of companies. – services relating to incorporation of companies, authentication of company records and viewing of company information by the stakeholders. – the basis of regulatory action with regard to companies.

Company Registration Process1. 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. Process developed to give Name immediately online4. File Incorporation documents such as Memorandum, Articles, particulars of promoters, directors and place of registered office of the company.5. Incorporation Certificate is now issued online between 24-48 hours 6

Change Management• Migration of legacy data from physical to digital mode• Training, capacity building and motivation of officers and staff at all levels including the offices of Registrar of Companies (ROCs)• Initial facilitation and hand holding through establishment of Registrars’ Front Offices (RFOs) manned by specially trained staff obtained on contract basis. (52 -> 4)• Certified Filing Centers (CFCs) with involvement of professionals (CAs and Company Secretaries etc.) to facilitate company filings.• Complete remodeling of ROCs offices

Impact on Service Delivery EfficiencyNature of Service Pre- MCA21 After MCA21Name Approval: 7 days 1-2 daysCompany Incorporation: 15 days 1-3 daysChange of Name: 15 days 3 daysCharge Regn./ Modification: 10-15 days 2 daysCertified Copy: 10 days 2 daysRegistration of Other DocumentsAnnual Return 60 days InstantaneousBalance-sheet 60 days InstantaneousChange in Directors 60 days InstantaneousChange in Regd. Office Address 60 days Instantaneous Inspection of Public Documents On-line (anywhere)

Regulatory Efficiency …• Easily accessible disclosures of corporate processes and decisions• All employees provided with Computers and all MCA offices are on MCA21 network .• Work is allocated to officials on First In First Out (FIFO) basis only• Electronic dispatch (e-mail) of communication ensures stakeholders are promptly informed – Certificates , Letters ,• Complete comprehensive operational tracking at officer level, ROC, RD and HO level• Can monitor productivity, service time, pendency, quality of response by office, function ( Dashboard )

… Regulatory Efficiency• Provision for electronic interaction through email and portal with stakeholder for – Clarification , Re-submission• Analysis of financial information of companies to detect accounting and disclosure compliance.• Easy to access registry of charges providing critical credit information about the company.• Speedy and more effective regulation action including scrutiny and inspections• Enable risk management systems for assessment of possibility of fraud.

MCA21 compliance management tools• Role Check- verification of credentials of authorised signatories and Professionals.• MCA-21 system has sophisticated electronic ‘pre-scrutiny’ facilities• STP mode- document reaches electronic repository instantaneously• No queues ( Prefill of available information, so less errors in forms and less confusion )• Information submitted by the professionals at the time of registering the digital signature certificate is verified by information in database and that submitted by the Professional Institute.• List of defaulters can be generated by click of a button.• Auto generation of letters to defaulters• Automatic e-mails to defaulters• Automatic generation of show cause notices• Documents available for scrutiny immediately• Trend analysis can be known easily

Live Demo of MCA21 application

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3 crf - mmj

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