Ministry of Corporate Affairs Current Affairs - 2019

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Government plans introducing AI system in MCA 21 portal

The Ministry of Corporate Affairs (MCA) has laid out its plans to introduce artificial intelligence (AI) system in its MCA 21 portal. It will be introduced when Ministry will roll out the Version 3 of the MCA 21.

Key Highlights

  • Background: In early 2019, the Ministry of Corporate Affairs sought applications from various service providers so as to develop as well as operate upgraded version of MCA 21 system.
  • Objective: To make compliance process easier and to ensure that routine enforcement activities are done regularly on autopilot basis.
  • Need: The main focus of Ministry in introducing AI system is to rationalise all forms filled and to follow principle of a single source of truth. This means that one would not be required to fill in the known details again, as it will get filled automatically.
  • The MCA also seeks to interlink databases so that routine enforcements are done 24×7 on autopilot basis.

About MCA 21

  • About: The MCA 21 is one of 31 Mission Mode Projects (MMP) of National e-Governance Plan (NeGP) of Government of India. This is first Mission Mode Project to be launched under NeGP and is e-governance initiative from the Ministry of Corporate Affairs to meet stakeholder needs in the 21st century.
  • Background: The MCA 21 system was first started in 2006. The first phase (Phase I: from 2006- December 2012) of e-governance initiative of ministry was implemented by Tata Consultancy Services (TCS) and the ongoing second phase (Phase II: from January 2013-July 2021) is being implemented by Infosys.
  • Significance: The portal is electronic backbone of MCA for distribution of information to all its concerned stakeholders, including the investors, regulators and corporates. It protects investors and also offers many important services to stakeholders.
  • Function:
    • It regulates corporate affairs in India through Companies Act, 1956, 2013 and other allied Acts, Rules and Bills. It also allows electronic filings of various documents under Companies Act, 2013.
    • It has also fully automated all processes related to compliance and enforcement monitoring under the Act.
    • The portal act as a gateway to all guidance, services, and other corporate affairs related information

Month: Categories: National

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IEPF Authority recovers Rs 1514 Cr of Depositors Money

The Investor Education and Protection Fund (IEPF) Authority in a major success has recovered deposits worth Rs 1,514 crore from Kolkata-based Peerless General Finance and Investment Company. This money of depositors was pending with the company for the last 15 years.

Investor Education and Protection Fund Authority

  • Investor Education and Protection Fund (IEPF) was established by the central government under Section 125 of Companies Act 2013.
  • It is a statutory body established under the Ministry of Corporate Affairs.
  • The Secretary in the Ministry of Corporate Affairs is the Chairperson of IEPF.
  • The authority aims to administer the Investor Education and Protection Fund with the objective of promoting Investor’s Education, Awareness and Protection.
  • It is empowered to undertake various initiatives to fulfil its objectives through Investor Awareness Programmes and various other mediums like print, Electronic, Social Media and Community Radio.

Further to enhance its reach, the IEPF Authority is also in the process of commissioning an online facility to collect primary information directly from retail investors about the deposits which have matured and are still pending with various entities for repayment or payment of interests.

Month: Categories: Business, Economy & BankingUPSC

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