: MCA21 being upgraded; to share data with regulators to detect suspicious activities of companies #finance #StockMarketNEWS MCA21 being upgraded; to share data with regulators to detect suspicious activities

MCA21 being upgraded; to share data with regulators to detect suspicious activities of companies #finance #StockMarketNEWS
MCA21 being upgraded; to share data with regulators to detect suspicious activities of companies New Delhi, 12 Nov (KNN) The Ministry of Corporate Affairs has said that it will launch its new MCA21 portal’s Version 3 by end of this financial year.

They will first begin with the testing part and take measures to avoid technical problems.

“IT projects are large, and there can be teething problems. We would make sure everything goes glitch-free. We have not faced any problem after the launch of phase one of the new MCA 21 portal. We will start field testing soon,” a senior government official said as reported in Business Standard

The new version is being operated by L&T Infotech.

The chief purpose of the portal is to ensure seamless integration and data exchange among regulators.

For the same purpose, a revamped website with an e-book facility was launched back in May.

The data analytics-driven system, as the ministry describes it, will make filings for the companies easier and enable early detection of lapses in filings.

Moreover the automated system, will allow the government to keep a close watch on ratios such as debt to turnover, inventory to turnover, or loan to assets as early red flags.

With the help of central scrutiny centre, the government will be able pull up companies where the system detects any suspicious activity on a list of parameters being finalised by the corporate affairs ministry.

They salient features of MCA21 Version 3 are, E-Scrutiny, E-adjudication, E-consultation, Compliance management system and MCA lab of corporate law experts.