Promising step! Soon AI to be introduce in MCA 21 portal for easier processes

New Delhi, May 20: AI or Artifical Intelligence is one of the most important factors in today’s word especially in the service sector. Now, advancing in the digitalization and AI usage for better service, Government plans to introduce artificial the intelligence in MCA 21 portal.

 

MCA 21 is the electronic backbone for the dissemination of information to all stakeholders, including the regulator, corporates and investors.

Corporate Affairs Ministry plans to introduce artificial intelligence system in the MCA 21 portal as it pursues to make the compliance process easier, as well as a promise to routine enforcement activities, are done round-the-clock on autopilot basis.

On this announcement, Corporate Affairs Secretary Injeti Srinivas stated, “The ministry would look to introduce Artifical Intelligence in MCA 21 when version 3 of the portal is rolled out in about a year’s time”.

Further, he said, “It will look to rationalize all the forms, follow the principle of a 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 24x7 on autopilot basis”.

The Ministry’s monthly newsletter stated, MCA 21 allows electronic filings of various documents under Companies Act, 2013 and has fully automated all processes related to enforcement and compliance monitoring under the Act.

Earlier this year, the ministry pursued applications from service providers to develop as well as operate the upgraded version of MCA 21 system.

MCA 21 system was started in 2006. The first phase of the e-governance initiative of the ministry was implemented by Tata Consultancy Services and the second phase is being implemented by Infosys for the period from January 2013-July 2021.