Earlier in 2019, the ministry sought bids from service providers for developing and operating the advanced version of MCA 21 system
The Ministry of Corporate Affairs (MCA) is planning to launch an artificial intelligence (AI) system in the MCA 21 portal in order to make the process of compliance simpler. In addition, it also seeks to make sure that the routine enforcement activities are conducted on autopilot basis round-the-clock.
Started in 2006, MCA 21 portal is the electronic backbone for distribution of information to all the stakeholders, such as regulator, investors and corporates. All filings under the Companies Act are filed to the Ministry of Corporate Affairs through this portal.
Injeti Srinivas, Secretary at Ministry of Corporate Affairs, said that the ministry would be looking to introduce AI in MCA 21 when version 3 of the portal is launched in a year.
Automating the processes
Srinivas further said, “It will look to rationalise all the forms, follow the principle of single source of truth so that one is not required to fill in known details again (as it will get filled automatically) and also interlink databases, so that routine enforcement is done 24×7 on autopilot basis.”
MCA 21 portal enables electronic submission of various documents under the Companies Act, 2013 and has entirely automated all the processes that are related to enforcement and compliance monitoring under the Act, Srinivas said in the monthly newsletter of ministry.
Earlier in 2019, the ministry sought bids from service providers for developing and operating the advanced version of MCA 21 system.
The first phase of the ministry’s e-governance initiative was executed by Tata Consultancy Services (TCS). Infosys will be implementing the second phase from the period January 2013-July 2021.