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A Guide On MINISTRY OF CORPORATE AFFAIRS E-KYC | Company Vakil

Introduction:

The  Ministry of Corporate Affairs (MCA) issued a notification that it will carry out  Customer (KYC) verification annually  and of all Directors of all companies which includes disqualified directors as well. They have introduced a new e-form called DIR-3 E-KYC to do the necessary verification process.

Every Director who has been allotted with a Director’s Identification Number (DIN) on or before 31st March, 2018 and whose DIN is in ‘Approved’ status must compulsorily do the E-KYC on or before 15th September, 2018.

The DIR-3 E-KYC form should be filed by the Director using his own Digital Signature (DSC) and should certify the form by a practicing professional i.e. Chartered Accountant, Company Secretary or Cost Accountant. The form should also be verified by a One Time Password (OTP) with the personal mobile number and email id of the Director.

Post 15th September, if the KYC verification of the Director has not been done then the MCA will deactivate all the approved DIN’s. Reactivation of said DIN’s will be allowed only upon payment of a specified amount.

DIR-3 E-KYC Form

Every Director who has been allotted with a Director’s Identification Number (DIN) on or before 31st March, 2018 and whose DIN is in ‘Approved’ status must compulsorily do the E-KYC verification on or before 15th September, 2018 via the new e-form introduced by the MCA called DIR-3 E-KYC Form .

The DIR-3 E-KYC form should be filed by the Director using his own Digital Signature (DSC) and should certify the form by a practicing professional i.e. Chartered Accountant, Company Secretary or Cost Accountant. The form should also be verified by a One Time Password (OTP) with the personal mobile number and email id of the Director.

Timeline for filing DIR-3 E-KYC Form

The last date for submission of DIR-3 E-KYC Form was initially 31st August, 2018 but later extended to 15th September, 2018 failing which all approved DIN’s would be deactivated immediately.

However, on 21st September, 2018 the MCA issued a notification saying that it will allow filing of E-KYC verification even though the due date has lapsed with a reduced penalty of Rs. 500/- up to 5th October, 2018. From 6th October, 2018 the said amount for filing of E-KYC and reactivation of DIN’s shall become Rs. 5000/-

Penalty for non-filing of DIR-3 E-KYC Form

Failure to file DIN will lead to deactivation of the approved DIN’s of the directors of the company.

In order to reactivate the DIN, Directors need to file the DIR-3 E-KYC Form with late fee of Rs 500/- if done on or before 5th October, 2018. From 6th October said amount shall be increased to Rs. 5000/- for reactivation.

SUMMARY

The MCA has mandated the KYC verfication of the directors of all companies annually. To assist with this verification process they have introduced the new form called DIR-3 E-KYC. This form needs to be filed online and within a stipulated period.

Company Vakil with the help of expert professionals simplifies the process of registrations in India . we are transparent  in quality, process, price and time consumption. Company Vakil follows the likes of famous Just in Time process to deliver services on time without a hitch.

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