The Ministry of Corporate Affairs (MCA) plans to introduce Artificial Intelligence (AI) system in its MCA 21 portal in order to make compliance process easier as well as to ensure routine enforcement activities are done round-the-clock on autopilot basis.
Corporate Affairs Secretary Injeti Srinivas has said that Artificial Intelligence in MCA 21 will be introduced when Ministry will roll out the Version 3 within a year.
He said that the main focus of the Ministry to introduce the Artificial Intelligence will be to rationalize all the forms and follow the principle of a single source of truth so that one is not required to fill in the known details again, as it will get filled automatically.
It will also aim to interlink databases so that routine enforcement is done 24×7 on autopilot basis.
MCA 21 allows electronic filings of various documents under Companies Act,1956, 2013 and other allied Acts, Rules and Bills and has fully automated all processes related to enforcement and compliance monitoring under the Act.
The portal acts as a gateway to all guidance, services, and other corporate affairs related information.
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 the needs of the stakeholder in the 21st century.
The importance of the portal is that it is the electronic backbone of MCA for distribution of information to all its concerned stakeholders, including the regulators and corporates and investors.It protects investors and also offers many important services to stakeholders.
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 and the second phase
(Phase II: from January 2013-July 2021) is being implemented by Infosys.