Corporate Affairs Ministry plans corporate profiling, behaviour analysis to spot non-compliant entities

Corporate Affairs Ministry plans corporate profiling, behaviour analysis to spot non-compliant entities
Various technical capabilities are going to be wont to keep a tab on non-compliant entities through the company Affairs Ministry’s portal MCA 21.

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In a written reply to Lok Sabha, Minister of State for Corporate Affairs Anurag Singh Thakur said MCA 21 version 3 envisages various areas which shall utilise technical capabilities.(File/Photo: Kamleshwar Singh)
To identify non-compliant corporate entities, the govt is getting to use data analytics and AI for corporate profiling, behaviour analysis also as fraud analysis and alerts.

Various technical capabilities are going to be wont to keep a tab on non-compliant entities through the company Affairs Ministry’s portal MCA 21.

In a written reply to Lok Sabha, Minister of State for Corporate Affairs Anurag Singh Thakur said MCA 21 version 3 envisages various areas which shall utilise technical capabilities.

These include “data analytics and AI and Machine Learning (AI/ML) for corporate profiling, behaviour analysis and fraud analysis and alerts, to spot non-compliant corporate entities,” he said.

MCA 21 is that the portal through which companies and LLPs submit various regulatory filings to the ministry, which implements Companies Act, 2013 and indebtedness Partnership Act, 2008.

Under the Act, all companies are required to carry Annual General Meetings (AGMs) per annum and file financial statements also as annual returns within the provided deadline and in prescribed forms after holding AGMs.

In the first and second versions of MCA 21, through AI , the ministry has been displaying the master data of all companies. It discloses filing position of the said documents, including the date of holding AGM aside from other details of the corporate and also whether a corporation is active compliant company or not, the minister said.

There are around 12 lakh registered companies within the country.

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