MCA new update -Know your clients (KYC) OF DIRECTOR

August 21, 2018 / Blogs / By

The “Companies (Appointment and Qualification of Directors) fourth Amendment Rules, 2018” notified by The Ministry of Corporate Affairs (MCA) vide its notification dated 5th July 2018 requires every person holding DIN to get his/her KYC updated with the MCA within the Due Dates mentioned in the rules. 
This blog attempts to simplify the said rules and requirements thereof.

Purpose of the Amendment: To update KYC of All Persons (whether Indian Resident or an NRI or Foreign National) holding a Directors Identification Number (DIN) in ‘Approved’ status, irrespective if such person is currently holding any Directorship or Not. DISQUALIFIED DIRECTORS also must update the KYC within the timelines below.

Timelines: All Persons who have been allotted DIN till 31.03.2018 are required to file the eForm DIR – 3 KYC with MCA by 31.08.2018.

 Fees: Not Applicable till 31st August 2018

Fees after 31st August 2018: Rs.5000 each DIN

Requirements for filing of DIR 3 KYC:

  1. Director Identification Number (DIN)
  2. Self-attested copy of PAN card
  3. Self-attested copy of Aadhar card
  4. Self-attested copy of Passport as address proof.
  5. Self-attested Bank Statement or Electricity bill or Telephone bill (not more than 2 month)
  6. Unique Personal Mobile Number (OTP for verification will be sent)
  7. Personal Email ID. (OTP for verification will be sent)
  8. Digital Signature of all the directors
  9. In case of Foreign Nationals, Passport is Mandatory. Mobile No and Email Id shall be of Directors Himself only.

CERTIFICATION:
The form must be CERTIFIED AFTER VERIFICATION OF THE DOCUMENTS IN ORIGINAL by the CA/CS/CMA in practice.

Outcome of non – filing; 

After the said due date, the DIN would be DEACTIVATED with reason “Non-filing of DIR – 3 KYC”.  The Person would not be entitled to use the DIN till the KYC is completed. The deactivated DIN would only be activated after the FORM DIR – 3 KYC has been filed with MCA with the fees.

NOTE: Both the Applicant and Professional are advised to keep a copy of the forms and documents file with MCA permanently

-Article by Lion Amir Virani

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