Directors to file DIR-3 KYC by 15th September

KYC

Directors at companies will soon be required to share their personal mobile numbers and e-mail ids with the government as part of verifying their credentials, amid continuing efforts to weed out of directorship. In a significant move, the Ministry of Corporate Affairs has decided to carry out KYC (Know Your Customer) process for all directors including Indian Resident, non-resident Indian, Foreign National and those who have been disqualified. A new electronic form DIR-3 KYC is introduced specifically for the directors through which the Directors has to submit data annually to the Ministry of Corporate Affairs. The reason behind this provision is to bring greater transparency and accountability for directors as well as to deal with non-compliance even in the future.

So, as per Companies (Registration Offices and Fees) Rules,2014 every director who has been allotted Director Identification Number (DIN) on or before 31st March 2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to file form DIR-3 KYC on or before 31st August 2018. By this notification dated 21st August 2018, the due date has been extended to 15th September 2018. In case of failure to file DIR-3 on or before 15th September 2018, and files the same on or after 16th September; he shall be liable to pay fine of Rs. 5000.

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