DIR-3 KYC due date and Consequences of non filling
In
recent years, regulatory compliance has become increasingly important for
companies and directors alike, with government authorities implementing
measures to ensure transparency and accountability in corporate governance. One
such requirement mandated by the Ministry of Corporate Affairs (MCA) in India
is the filing of DIR-3 KYC (Director's KYC/DIN KYC) forms by directors of
companies registered with the Registrar of Companies (ROC). In this comprehensive
guide, we'll delve into the significance of DIR-3 KYC, its due date, and
the potential consequences of non-filing, providing directors and stakeholders
with essential insights into this regulatory obligation.
Understanding DIR-3 KYC:
DIR-3
KYC is a form prescribed by the MCA for directors of companies registered under
the Companies Act, 2013, to update their personal details with the ROC. The
objective of DIR-3 KYC is to maintain an accurate and up-to-date database of
directors, ensuring transparency and compliance in corporate governance. The
information provided in the DIR-3 KYC form includes the director's name, date
of birth, residential address, contact details, Director Identification Number
(DIN), and other pertinent details.
Types of DIR 3 KYC
DIR-3
KYC – Any
director who is filing DIR-3 KYC e-form for the first time after DIN arrival or
whose details need to be updated/changed, must file this form.
DIR-3
KYC (Web) -
Any director who has already filed e-Form DIR-3 KYC/DIR-3 KYC (Web) in the previous
year can file this form when there is no change in his KYC details. In this
e-form, the basic details of the Director will be pre-filled with MCA data and
thus, cannot be changed.
Checkpoint for filing e-Form DIR-3 KYC
While
filing the e-form, each director must provide his/her mobile number and email
ID which will be submitted, verification will be done through OTP on the mobile
number and email id.
One
thing to note is that the director will have to use digital signature while
filing the e-form.
All
the information given on the e-form must be correct and the director should get
it certified by the practicing Chartered Accountant (CA) or Company Secretary
(CS), or Cost Accountant.
Who is required to file DIR-3 KYC? And its due date?
As
per the Rules of MCA, any DIN holder who was allotted DIN on or before the end
of the financial year and the status of his DIN shows “Approved” for those, it
is mandatory to file DIR-3 KYC at MCA before 30th September of
the immediate financial year.
Note:
The
due date to file DIR-3 KYC is 30th September of the financial
year.
Consequences of Non-Filing DIR-3 KYC:
If a director who is required to file -Form but is unable to file e-Form on MCA-21 by 30th September, the Department will mark the DIN of such director as inactive who has not filed DIR 3 KYC.
If the director wishes to reactivate his DIN, he will have to file the missed e-Form DIR-3 KYC in future, for which the director will have to pay Rs 5000. This form is mandatory to be filed by every din holder for every year.
Documents/Details required for filing e-Form DIR-3 KYC
To file your DIR-3-KYC form, you will need the following documents:
·
Copy
of Pan Card
·
Copy
of Aadhar Card or Voter Card or DL
·
Copy
of Passport (If the DIN holder is having Passport then it is must)
·
Unique
Mail id and Mobile Number
·
Digital
Signature
Conclusion:
DIR-3 KYC is a critical regulatory requirement intended at promoting transparency, accountability, and compliance in corporate governance. Every DIN holder must ensure timely filing of DIR-3 KYC forms to avoid penalties, sanctions, or other adverse implications associated with non-compliance. By understanding the importance of DIR-3 KYC, adhering to prescribed due dates, and proactively fulfilling their regulatory obligations, directors can maintain corporate governance standards and mitigate the risk of regulatory scrutiny or enforcement actions. Compliance with DIR-3 KYC not only fulfills legal requirements but also enhances transparency, trust, and credibility in the corporate sector, nurturing a culture of accountability and integrity among directors and stakeholders.