Corporate affairs ministry to test new MCA21 portal's Version 3 soon

 The main purpose of the portal is to facilitate seamless integration and data exchange among regulators.

The corporate affairs ministry will start rigorous testing of its new MCA21 portal’s Version 3, which is expected to be launched by the end of this financial year. The ministry is taking every precaution to avoid the probl­ems like those faced by the recently launched new income-tax portal.

“IT projects are large, and there can be teething problems. We would make sure everything goes glitch-free. We have not faced any problems after the launch of phase one of the new MCA 21 portal. We will start field testing soon,” a senior government official said. The new version is being operated by L&T Infotech.

“Even the transition from Infosys to L&T Infotech has been glitch-free.

We are testing user acceptance to make sure stakeholders are not inconv­enienced,” the senior government official added. The new MCA21 version 3 portal is expected to use artificial intelligence in a big way to improve user experience and strengthen the enforcement mechanisms, from online filings and hearings to early detection of fraud e-scrutiny, and compliance management system for companies.

The main purpose of the portal is to facilitate seamless integration and data exchange among regulators.

A revamped website with an e-book facility was launched 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.

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

This new version would have a compliance management system or the CMS for identifying non-compliant companies and LLPs, issuing e-notices to the said defaulting entities and generating alerts for internal users of MCA.

The government is setting up a central scrutiny centre, built into this new system that would pull up companies where the system detects any suspicious activity on a list of parameters being finalised by the corporate affairs ministry.