New Delhi: In a positive indication of India’s business environment, the central government informed that a record 22.98 lakh director KYC forms were filed in the first six months of the current fiscal year (FY25), exceeding the FY24 figures.
A senior official said the continuous growth reflects an improvement in the country’s business climate.
According to a Ministry of Corporate Affairs (MCA) statement, the ministry observed robust director KYC filings during FY25.
From April 1 to September 30, 22.98 lakh DIR-3 KYC forms were filed, compared to 20.54 lakh forms filed during the same period last fiscal year.
“The filing up to September 2024 during FY25 has exceeded the filing of 22.02 lakh forms during the entire FY23-24,” the ministry noted.
The government is actively working to enhance stakeholders’ experience on the MCA-21 portal and is taking proactive measures to improve the ease of doing business and living. This commitment to improvement should reassure stakeholders about the country’s business climate.
According to MCA, a special team has also been constituted to investigate stakeholders’ grievances for efficient disposal, suggest systemic solutions if necessary, and provide better guidance to stakeholders regarding their compliance with the MCA-21 Portal.
As per the provisions of Rule 12 A of Companies (Appointment and Qualification of Directors) Rules 2014, every individual who holds a Director Identification Number as of March 31 of a financial year needs to submit a DIR-3 KYC form on or before September 30 of the immediate next financial year.
Moreover, informed the ministry, where an individual who has already submitted DIR-3 KYC in relation to any previous financial year submits DIR-3 KYC web in relation to any subsequent financial year, it shall be deemed to be compliance with the provisions of this rule for the said financial year.
According to the government, the number of new company and LLP (limited liability partnership) incorporations increased by nearly 5 percent in the first four months of the current financial year to touch 91,578, compared to 87,379 in the same four-month period last year. This significant increase should instil optimism about the business environment.
The growth in new companies being set up during the current financial year (2024-25) comes from a 15 percent surge in new firms incorporated in 2023-24, compared to 1.59 lakh companies registered in 2022-23. This growth should inspire hope for the future of business in India.
At the end of March 2024, India had a total of 26,63,016 companies registered.
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–IANS
