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Detailed information regarding eKYC for all directors

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The MCA directs new rules for the directors of all companies. The new rules require directors of all private, public companies and LLPs to comply with the Directors KYC norms to avoid deactivation of their DIN. – PowerPoint PPT presentation

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Title: Detailed information regarding eKYC for all directors


1
e-KYC for Directors
2
Introduction to Directors KYC via DIR-3 eForm
The Ministry of Corporate Affairs directs new
rules for the directors of all companies. The new
rules require directors of all private, public
companies and LLPs (designated partners) to
comply with the Directors KYC norms to avoid
deactivation of their DIN (Director
Identification Number).
3
Documents Required
  • Directors mobile (verified via OTP)
  • Directors e-mail ID (verified via OTP)
  • The following supporting documents would have to
    be attached, duly self-attested by the director
  • PAN Card
  • Aadhar Card
  • Passport (only for foreign directors)
  • Address Proof (Telephone bill or Electricity
    Bill)
  • The DIR-3 form would have to be signed by the
    directors own DSC (Digital Signature
    Certificate), and the DSC of a practising CA or
    CS.

4
Steps for Directors KYC
  • The number and personal email id that will be
    verified through One Time Password (OTP). The
    Information by E-form DIR-3 will be filed by
    directors using their DSC which will be duly
    certified.
  • The information will be updated annually by a
    company secretary at the time when annual
    financial statements are filed with MCA.
  • If the KYC form is not filed by 31st August
    2018 MCA 21 will mark the approved DINs as
    deactivated along with reason Non-filing of
    DIR-3 KYC.
  • The deactivated DIN will be allowed only after a
    specified payment of the late fee, which will be
    notified by MCA. 
  • Availability of Form As per recent MCA
    notification the form DIR-3 will be available on
    MCA21 Company Form on 14th July 2018.

5
Timeline
  • The government has made it clear that
    the Directors KYC compliance would be a yearly
    exercise. All directors (and designated partners)
    would need to submit their KYC documents
    annually.
  •  
  • Cut-off dates The cut-off date to fall under the
    compliance bracket would be March 31. Meaning, if
    a person has a DIN as on March 31, he or she
    would mandatorily have to file the DIR-3 KYC for
    that financial year.
  • Date of Submission of the KYC form This is a
    recurring compliance requirement to be filed
    annually. For a particular financial year, the
    DIR-3 KYC has to be filed by April 30 of the next
    financial year. So, for all DINs allotted in the
    financial year 2018-19, the last date to submit
    the form would be April 30, 2019.
  • Only for Financial Year 2017-18 Since the rules
    have been made effective only on July 10, 2018,
    all the Directors with an allotted DIN on or
    before March 31, 2018, would have to submit the
    KYC form on or before August 31, 2018. Directors
    whose DIN has been allotted between April 1, 2018
    and August 9, 2018, wouldnt have to comply with
    the August 31, 2018 deadline. However, they would
    have to submit the form before April 30, 2019.

6
Frequently Asked Questions
  • What is fees and penalty for the KYC of
    Directors?
  • The MCA has not specified any filing fees for the
    DIR-3 KYC. However, delay in filing the Directors
    KYC form (after the specified due date) would
    attract a penalty of INR 5,000 per form. Further,
    the Government would deactivate the DIN upon
    failure to comply.
  • Is it mandatory KYC of All Company
    Directors ?
  • Yes, Every director that have been allotted DIN
    before or on 31 March 2018 and the DIN that are
    in Approved status are mandatorily required to
    file the form DIR-3 KYC by 31 August 2018.
  • Documents required for DIR-3 KYC for
    Directors?
  • PAN Card, Aadhar Card, Passport (only for
    foreign directors) and Address Proof (telephone
    bill or electricity bill)

7
CONTACT INFORMATION
info_at_quickcompany.in 011-395-95858 www.quickcomp
any.in
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