Regulatory update – India

The Ministry of Corporate Affairs Version 3 portal (MCA V3 portal) launched earlier this year brought changes that are intended to be user-friendly and more secure. These changes include online forms and secured logins. Existing Directors had to register their Digital Signature Certificate (DSC) on the new portal as part of their role check, to be able to proceed with filings.

However, this process was hindered following challenges faced when using the V3 portal which include issues when logging and/or signing in, filling out forms and apparent lag and delays. The process of appointing new directors was also impacted.

Many processes relating to the appointment of new directors are directly linked to the V3 portal. These include company registration, filings of forms and documents of the new director and registration of the DSC of an existing director on the V3 portal.

Taking into account the problems encountered with the V3 portal above, all applications ended in a deadlock. Despite obstacles with the new portal, the Ministry of Corporate Affairs has been monitoring the situation and has requested the IT service provider to remedy the issues, but without any improvement yet.