Vision 2019-2024

MINISTRY OF CORPORATE AFFAIRS

GOVERNMENT OF INDIA
Ministry of Corporate Affairs

Ministry of Corporate Affairs

1.1 Introduction 1.4 Organogram

The Ministry of Corporate Affairs (MCA)
provides the regulatory and
administrative framework for corporates
in order to make them effective
contributors to national development. The
Ministry envisions to be a facilitator of
world class governance of corporates
through the administration of the
Companies Act, 2013, Insolvency and
2. Functions:
Bankruptcy Code, 2016, Competition Act,
The Ministry broadly performs two
2002 and certain other allied statutes.
categories of functions:

1.2 Vision: To be a facilitator of

world class governance of Policy functions involving
corporates formulating legislation and
subordinate legislation

1.3 Mission: Continuously strive

to: Regulatory functions involving
administration of Acts and rules
Transform regulatory
thereunder
environment for easy
compliance

2.1 Policy Functions

Balance competing interests of
various stakeholders ■ To provide simplified laws governing
corporate sector and facilitate an
build & strengthen institutions effective compliance and regulatory
for achieving excellence in regime
service delivery

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Ministry of Corporate Affairs

2.1 Policy Functions

■ Strengthen effective enforcement of ■ Time-bound processes for insolvency

Companies Act 2013, Insolvency and resolution of companies and individuals

Bankruptcy Code 2016 , Competition ■ Capacity Building Programmes and

Act 2002, Limited Liability Partnerships Advocacy in the matters related to
Act 2008 and other allied Acts Corporate Affairs
Undertake new policy initiatives for
■ Investigation and effective enforcement
improving the legal framework for
for prevention of serious corporate
investment and corporate growth
frauds
■ Government Process Re-engineering
■ Administering Indian Corporate Law
(GPR) with the specific objective of
Service (ICLS)
providing speedy incorporation related
■ Enforcement of Competition Act with an
services within stipulated time frames
object to curb anti-competitive
which are in line with international best
practices
practices
■ Framing accounting standards and
monitoring the quality of corporate
financial reporting and auditing
2.2 Regulatory Functions
Compliance Enforcement under
■ Supervise the working of offices of provisions of Companies Act, 2013
Registrars of Companies and Official ■ Collection and analysis of data for
Liquidators in the country maintaining company statistics
■ Inquiry, Inspection and Investigation ■ Reducing information asymmetry for
■ Building system for the timely detection stakeholders
of the matters related to the non- ■ Speedy, transparent and uniform
compliance with Acts and Rules delivery of all registry related services
■ Promoting investor education and
Protection and refund of unclaimed
dividends and shares

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Ministry of Corporate Affairs

3.1 Recent Achievements 2014-2019 own affairs, subject to full disclosure and
3.1 MCA aims to continually provide accountability of their actions, with
greater Ease of Doing Business to law minimal government interference by the
abiding corporates in the country while process of approvals. The Act provides
meting out exemplary punishment for greater opportunities for new
serious violations of law. In line with the entrepreneurs and leverages the power
National Development Agenda for of digital technology for the required
achieving inclusive and sustainable compliances by corporates and the
growth, MCA implements best Corporate ministries regulatory functions.
Governance Practices for achieving
congruence with global best practices. It The Companies Act, 2013 is continuously
sets its goals and values to: evolving according to the changing needs
of stakeholders and addresses
facilitate easy compliance through requirements for greater ease of doing
continuous Government Process
1 Re-Engineering (GPR) and
innovation in provisioning greater
business through a speedy incorporation
process, transparent and technology
ease of doing business
driven in-house adjudication mechanism
Rationalise corporate rules & on an online platform, striking off
regulations for balancing the
2 competing interests of the
stakeholders and safeguarding
suspected shell companies, evolution of
Corporate Social Responsibility
public interest
provisions and easing Indian Mergers &
strengthening institutions for
Acquisitions norms in line with
3 achieving excellence in service
delivery through continuous international best practices.
monitoring and appraisal

3.2.1 MCA has notified and simplified

3.2 Companies Act, 2013
various rules under the Companies Act,
The Ministry has successfully
2013 and other allied statutes to usher in
implemented the Companies Act, 2013.
a healthy environment for investment and
Under this Act, a trust and disclosure-
providing greater ease of doing business.
based framework has been established
The Act has been amended thrice so far
wherein the corporate sector has been
in 2015, 2017 and 2019.
given more flexibility in regulating their

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Ministry of Corporate Affairs

3.2.2 Review of Corporate Sector Companies were in the process of being

As on 31st May, 2019 the number of re-activated and 1,778 companies have
companies registered under the so far obtained the “dormant” status
Companies Act was 1,894,146. Of these according to Section 455 of the
683,317 companies were closed, 6,450 Companies Act, 2013. There are
were under liquidation, 35,442 1,167,064 active companies, which were
companies are in the process of being incorporated within the preceding
struck-off from the register, 93 eighteen months (not due for Annual
Statutory Filings).

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Ministry of Corporate Affairs

3.3 Insolvency and Bankruptcy Code Status as on 30 June 2019

(IBC), 2016 Cases admitted into CIRP 2,157
The Insolvency and Bankruptcy Code, Cases were closed by 164
appeal/review/settlement
2016 (IBC) has proved to be one of the
Cases withdrawn u/s 12 A of 112
deepest economic reforms, which has IBC
brought about desired behavioural Approval of resolution plan 117

change in the attitude of both borrowers Cases resulted into liquidation 474

and creditors, significant conversion of Cases withdrawn 6,079

sub-standard accounts into standard Admitted claims in resolved Rs. 2,85,802

cases crores
accounts, improvement in the quality of (approx.)

standard accounts, and overall reduction Realisable amount in resolved Rs.1,24,636

cases crores
in non-performing assets (NPA). The (approx.)

Insolvency and Bankruptcy Code, 2016

3.4 MCA-21: A Game Changer
(IBC or Code) is a game changer in the
MCA implemented in 2006, a holistic
resolution of Non-Performing Assets
end-to-end e-Governance project named
(NPAs) in India. It provides a framework
'MCA21' which marked a new era of
for time-bound insolvency resolution (180
responsive, customer-oriented,
days extendable by another 90 days)
transparent and efficient governance.
with the objective of promoting
The transformational changes brought
entrepreneurship and availability of credit
about by the system are:
while balancing the interests of all
stakeholders. IBC represents a paradigm
shift in which creditors take control of the
assets of the defaulting debtors, in
contrast to the earlier system in which
assets remained in possession of debtors
till resolution or liquidation. To address
the emerging need for speedy reforms in
corporate insolvency resolution regime,
the Code has already been amended
thrice in a short span of 3 years.

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Ministry of Corporate Affairs

3.4.1 This improvement is primarily Filing status for the period 01

enabled through the mechanism of December, 2017 to 30th November,
electronic Filing (eFiling) for the services 2018
and back office automation by harnessing Filing Status
the right technology enablers. ‘MCA21’ Total filings through system 62,45,181
has provided stakeholders an easy, Number of companies registered 1,17,710
online
secure and speedy access to all MCA
Total DIN issued 2,80,857
services with transparency and certainty.
Company records viewed online 23,60,984
3.4.2 MCA21 v2 is the next version of Number of balance sheets filed 10,08,949
MCA21 implemented in 2015-16 with Number of Annual Returns filed 8,83,477
enhanced experience and value to the Maximum number of documents 1,22,436
filed on a day (15 Nov., 2018)
end users through a revamp of some of
the interfaces to provide anytime and Number of registered users on 12,96,767
the portal
anywhere service to businesses. The
upgradation to MCA21v2 was carried out
in 2 releases. The first release for the 3.4.3 Going further, MCA now envisages
Limited Liability Partnership (LLP) implementation of version 3 of MCA-21
Module was upgraded on 19-Oct-2015 by introducing artificial intelligence which
and the second release for Companies shall further enhance the online platform
Module was upgraded on 28-Mar-2016. so as to bring simplification, efficiency
The upgraded system has a new and transparency to further facilitate
architecture platform for leveraging EoDB for corporates.
industry proven technologies accepted
globally, improved mechanism for 3.5 Establishing CRC & launch of
ensuring data integrity, enhanced user SPICe
experience with personalization and Under its Government Process Re-
aesthetically designed user interfaces for engineering (GPR) drive, MCA
ease of navigation. established the Central Registration
Centre

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Ministry of Corporate Affairs
(CRC) at Manesar, Haryana for speedy,
transparent and uniform processing of
“Name Availability” (INC-01) and
“Incorporation” applications. The Ministry
subsequently launched the ‘Simplified
Proforma for Incorporating Company
Electronically (SPICe) e-Form’, which
provides five services through a single
form for incorporation of a company. This
GPR exercise is in pursuance of the
MCA’s objective of providing greater
“Ease of Doing Business” to corporates
and has resulted in speedier processing
MCA Vision 2019-2024
of incorporation related applications,
uniformity in application of rules and
removal of discretion. The success of
SPICe spurred the Ministry to launch the
Reserve Unique Name (RUN) service
and the Form for incorporation of Limited
Liability Partnership (FiLLiP) which have
produced dramatic results. It is being
supplemented by intensive monitoring
and has resulted in incorporation of
Companies and LLPs in India within 1 to
2 working days. This is in line with the
international best practices.
8
Ministry of Corporate Affairs

3.6 Integration of MCA-21 with other 3.7 Responsible Businesses - CSR:

Ministries and Departments India was the first country to mandate
The Ministry has electronically integrated Corporate Social Responsibility (CSR) for
the MCA-21 System with the CBDT for companies through legislation under
issue of PAN and First TAN to a company Section 135 of the Companies Act, 2013
incorporated using the Simplified with effect from 1st April 2014. The CSR
Proforma for Incorporating Company mandate is expected to compliment the
Electronically (SPICe). The Ministry has national agenda for inclusive growth by
now also integrated the MCA 21 system ensuring social, economic and
with GSTN, ESIC and EPFO for issue of environmental well-being for all, through
those registrations through the AGILE e- responsible action by the eligible
Form i.e. Application for GSTN, ESIC corporates. To facilitate and incentivize
plus EPFO Registration integrated corporates for complying with CSR
incorporation form SPICe, thereby provisions in the true spirit, MCA has set-
extending eight “Starting a Business” up the National CSR Awards, launched
related services across three Ministries of the National CSR Data Portal and the
the Government of India, through a single Corporate Data Portal on 19 January,
integrated form filed along with SPICe on 2018. This also reflects the Government’s
the MCA 21 portal. commitment towards leveraging digital
technology for smart governance.

CSR STATEWISE
60,000.00
50,000.00
52,208.30
40,000.00
FY 2014-15
30,000.00
FY 2015-16
20,000.00
19,354.17 FY 2016-17
10,000.00
8,468.28 2,330.56 2,727.79 3,014.57 2,499.79 FY 2017-18
- Grand Total

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Ministry of Corporate Affairs

SECTOR WISE EXPENDITURE ON CSR BY COMPANIES

16,000.00
14,000.00
CSR Spend (in Crores)

12,000.00
10,000.00
8,000.00
6,000.00 FY 2014-15
4,000.00 FY 2015-16
2,000.00 FY 2016-17
- FY 2017-18
Grand Total

Sectors

CSR PSU-NON PSU

FY 2014- FY 2015- FY 2016- FY 2017-

Total Amount Spent (in Cr.)

18

No. of Companies

Total Amount Spent (in Cr.)

17

No. of Companies

Total Amount Spent (in Cr.)

16

No. of Companies
Total
Total Amount Spent (in Cr.)
15

NON PSU
No. of Companies
PSU
0 5000 10000 15000 20000 25000
FY 2014-15 FY 2015-16 FY 2016-17 FY 2017-18
Total Total Total Total
No. of Amount No. of Amount No. of Amount No. of Amount
Companies Spent (in Companies Spent (in Companies Spent (in Companies Spent (in
Cr.) Cr.) Cr.) Cr.)
Total 16548 10,065.93 18290 14,503.65 19532 14,312.03 21337 13,326.69
NON PSU 16,055.00 7,249.11 17,758.00 10,302.39 18,987.00 11,026.63 20,814.00 2,539.19
PSU 493 2,816.82 532 4,201.26 545 3,285.40 523 10,787.50

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Ministry of Corporate Affairs

3.8 Indian Accounting Standards (IND 3.10 Detection and Investigation of

AS) Frauds
Consequent to announcement in the The Serious Fraud Investigation Office
budget of Financial Year 2014-15 (para (SFIO) is a multi-disciplinary investigating
128), Indian Accounting Standards agency set up in the Ministry of
converged with global standards, namely, Corporate Affairs through a resolution
International Financial Reporting dated 02.07.2003 with the objective to
Standards (IFRS). These standards, investigate serious corporate frauds. The
called the Indian Accounting standards Companies Act, 2013, interalia, has
(Ind AS) were notified on 16.02.2015 as accorded statutory status to SFIO and its
Companies (Indian Accounting functions and powers have been
Standards) Rules, 2015. These enhanced substantially through enabling
accounting standards are significantly provisions in the Act.
congruent with the global standards, with
minimum carve-outs and boost investor 3.11 Enabling Healthy Competition
confidence in financial statements of As the country moves towards a higher
Indian companies growth trajectory, competition in markets
becomes an integral part of the economic
3.9 Investor Protection development strategy. The Competition
The Ministry has also established the Commission of India (CCI) which started
Investor Education and Protection Fund functioning in March, 2009 under the
Authority (IEPFA) on 7th September, Competition Act, 2002 has the mandate
2016 under the provisions of section 125 to enforce provisions of the Competition
of the Companies Act, 2013. Investor Act, 2002 for eliminating anti-competitive
Education and Protection Fund (IEPF) practices, promoting free trade and
and IEPF Authority provide for protecting protecting interests of the consumers.
the interests of the investors by
promoting investor awareness and 3.12 Strengthening Institutions
education and make refund of unpaid MCA has also established various other
amounts to eligible stakeholders. institutions such as the NCLT, NCLAT,

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Ministry of Corporate Affairs

IBBI and IICA etc. that implement and business growth, making it easier to
provisions of corporate laws, rules and do business and undertaking government
regulations and provide capability process re-engineering to reduce cost of
building and training, respectively. compliance, enforcement and monitoring.
Strengthening governance and By setting six themes for its VISION:
management in the institutions improves 2019-24. MCA has herein defined
the delivery of services and supports specific tasks for generating efficient
MCA efforts to effectively implement performance across the key performance
public policies. Establishment and indicators for ensuring value delivery to
strengthening of these institutions are all the stakeholders. An action plan has
essential for the Nation to sustain been formulated by building upon
progress towards economic growth and strengths and opportunities for creating
shared prosperity. value within the regulatory framework
and to work towards achieving its goals.
3.13 Independent Regulation of
Auditors
MCA has constituted the National
Financial Reporting Authority (NFRA) to
make recommendations to the
Government w.r.t. accounting standards,
auditing standards, review quality of audit
by auditors as well as exercise regulatory
oversight over the functions of the
auditors of the companies governed by it.
NFRA has been constituted under
Section 132 of the Companies Act, 2013
w.e.f. 01 October, 2018.

3.14 Thus, MCA is committed to

continuously improving corporate
governance while facilitating investment

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Ministry of Corporate Affairs

4. Vision 2019-24 In order to prepare this vision document,

4.1 The Ministry of Corporate Affairs has an exercise was carried out to assess the

identified impactful actions to be current status in terms of functions and

executed and prepared a 5-year vision achievements so far and the vision for

plan with Annual Sub-Plans, timelines next 5 years.

and milestones that will be implemented

during year 2019 to 2024. 4.2 The Ministry has identified the
following six themes for its Vision 2019-
2024

1 Greater Ease of Doing Business

Overhaul of Corporate
Governance framework

2
Further Strengthen

3 Adjudicatory & Regulatory

Institutions

AI and Analytics based MCA21

v3

4
New Legislations

Single source of truth for key

5
financial data

6
MCA Vision 2019-2024 13
Ministry of Corporate Affairs

4.3 Action Plan for First 100 Days ■ Easing provisions for Debenture
■ Amendments to Insolvency & Redemption Reserve for Listed
Bankruptcy Code, 2016 (IBC) to companies, NBFCs/HFCs and Unlisted
accord primacy to claims of secured Companies so as to reduce cost of
financial creditors, provide greater capital and deepen the bond market,
flexibility with respect to Resolution while simultaneously balancing the
Plans, enable timely resolution, need for safeguarding investor
establish an easier voting process, and interests.
make NCLT order binding on all ■ Streamline Related Party transactions
stakeholders including Central & State norms for promoting greater ease of
Governments or local authorities. doing business in the country.
■ Establishing a Green Channel under ■ Restructuring of National Foundation
Competition Act, 2002, for automatic for Corporate Social Responsibility
approvals of certain classes of (NFCSR) and according statutory
combinations with the objective of status to NFCSR.
easing the Merger & Acquisition ■ Initiate second phase for review of
climate in the country. offences under the Companies Act,
■ Liberalising the Provisions for 2013, for further decriminalisation of
Differential Voting Rights (DVRs) so as offences under the Companies Act,
to enable promoters of Indian Start ups 2013.
raise capital without ceding control.

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Ministry of Corporate Affairs

■ Introduction of Lead Investigation ■ Launch of Drive III for striking off

Framework for corporate frauds & names of companies from Register of
operationalisation of SOP for sharing Companies due to non-filing of annual
information between investigative financial statement (AOC-4) and/or
agencies. annual returns (MGT-7) for financial
years 2016-17 & 2017-18 (u/s 248 of
the Companies Act, 2013 read with
Companies (Removal of Name of
Companies from the Register of
Companies) Rule, 2016) and for
disqualification of directors under
Section 164 & 167 of the Act.

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Ministry of Corporate Affairs

■ Companies Act, 2013

 Starting a business: Reduce the
Theme 1: Greater Ease of
number of filings, procedures & overall
Doing Business
time taken to start and do business in
India.
 New initiatives for Start-Ups
The Ministry actively reviews corporate  To review the role of
laws, rules and regulations for providing individuals/entities in fiduciary capacity
greater ease of doing business for the e.g. Independent directors and
corporates while simultaneously ensuring Auditors/Audit firms to achieve
that the corporate governance and enhanced corporate governance
enforcement framework is strengthened  To strengthen provisions w.r.t SFIO
to result in greater compliance of law by and NFRA to bring about effective
Corporates. The Ministry has set its enforcement in case of violations of
vision with specific action plans to law
strengthen the ease of doing business  To promote greater digitalization of
framework in India which has already corporate processes in order to bring
been reflected in the World Bank’s 2019 in more accountability and
Index, where India has recorded a jump transparency
of 23 positions from its rank of 100 in
2017 to be placed now at 77th rank ■ Competition Act, 2002
amongst 190 countries assessed by the  To meet new economy challenges
World Bank. including those posed by disruptive
technologies and new business
The Ministry aims to carry out models
amendments to Companies Act, 2013,  To fine tune regulatory interface with
Insolvency & Bankruptcy Code, 2016, other sectoral Regulators
Competition Act, 2002 and relevant Rules  Structural changes in CCI
in this endeavour during the period 2019-
2024.

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Ministry of Corporate Affairs

■ Insolvency & Bankruptcy Code, 2016 ■ Strengthen Audit Quality

 Incorporating provisions of Cross  Strengthening NFRA

border Insolvency  Promoting auditor independence

 Simplification of fresh start process as  Enhancing ICAI’s accountability

required in Part III and IV of the Code  Capping Audit Concentration

 Introduction of Mediation process in  Joint Audit of certain companies

individual insolvency  Prohibit Non Audit services

 Introduction of pre-packaged  Registration of Auditors

Insolvency and group insolvency

frameworks ■ Valuation

 Further improve and enhance the  Valuation Standards

efficacy of investigation & enforcement  Monitoring by Registered Valuation

powers of Board Organisations (RVOs)

■ Role of Board and Board Committees

 Audit Committee, Nomination &
Theme 2: Overhaul of Remuneration Committee (NRC), Risk
Corporate Governance
Management Committee, CSR
framework
Committee

Good governance of corporates requires ■ Strengthen Institution of Independent

a constant emphasis on ethics, Directors
transparency and accountability in the  Creation of IDs database with
operations of corporates. With this proficiency assessment
objective, the Government has mandated  Dual Voting Mechanism
various disclosures by the corporates,
defined specific service standards so as ■ Ind AS
to ensure accountability of corporates to  Extension to banking & insurance
all stakeholders. To meet its objectives, sectors
the Ministry proposed to take action in ■ Review & addition of new Secretarial
the following areas- Standards

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Ministry of Corporate Affairs

 Implementation of e-Courts project in

Theme 3: Further Strengthen all Benches of NCLT and NCLAT.
Adjudicatory & Regulatory
Institutions  Conduct a work study and developing
a Vision 2025 for NCLT

The Ministry proposes to actively take up

a number of measures for strengthening ■ Strengthening CSR ecosystem

the adjudicatory and regulatory  Setting up National CSR Fund (NCF)

institutions under its administrative remit  Next generation National CSR

during the next five years. Knowledge Resource Portal

 Annual Survey of CSR expenditure to

■ IBC- Capacity Building measures: assess impact and outcome

 Institute a “Graduate Insolvency  National CSR Awards

Programme” at IICA, for capability

development of Insolvency ■ Cadre restructuring of DG Corporate

Professionals Affairs, SFIO & IEPFA

 Develop an e-portal for filings by

resolution professional and for ■ Promotion of research projects

Liquidation cases
 Develop the stressed assets market
through road shows,
seminars, etc. conducted globally and
in India
■ Strengthening of NCLT and NCLAT:
 Filling up vacancies of Members in
NCLT and NCLAT.
 Create 5 posts of Vice-Chairperson in
NCLT
 Increasing NCLT Benches from 16 to
22 and introducing one permanent
bench of NCLAT in Chennai.
Theme 4: AI and Analytics
based MCA21 Version 3 of the
workshops, MCA21 system
The Ministry operates ‘the MCA 21
System’ with the aim of providing
stakeholders an easy, secure and speedy
access to all registry related services with
transparency and certainty. By leveraging
Artificial Intelligence (AI) and analytics
tools, the Ministry intends to deploy the
next generation version 3 of the MCA21
system so as to meet the dynamically
evolving needs of various stakeholders.

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Ministry of Corporate Affairs

■ Highlights of MCA 21 v3 efficient solution for bringing in private

 Automated approvals for incorporation sector innovation for delivery of social
related applications goods and services thereby reducing
 Near real time grievance redressal by pressure on public finances. In order to
using chat bots, virtual assistants, streamline and regulate the profession of
automatic ticket categorization and valuation on the lines of ICAI and ICSI, it
speedy resolution of complaints. is proposed to bringing in a law for
 e-Consultation, e-Adjudication, setting up the Indian Institute of Valuation
compliance management system and and Valuation Professionals
re-engineered enforcement & official
liquidator modules for front office and ■ Farmers Producer Companies (FPCs)
back office users.  A Committee to be headed by a
renowned Economist or Agriculturist
■ Set-up Central Scrutiny Centre to and other experts along with
enable seamless Straight Through representatives from MCA, M/o
Processing (STP) of e-forms filed by Agriculture & Farmers’ Welfare,
corporates. Farmer Producer Organisations such
as National Dairy Development Board,
■ Automated identification and follow up and other stakeholders, to make
action on non-compliant companies. recommendations on way forward
along with a draft bill by 2022

Theme 5: New Legislations

■ Concept of “Social Impact Company”
or a “Community Interest Company” is
The government has identified farmer
a hybrid between a commercial
producer companies as being one of the
enterprise and a charitable entity as it
key drivers for growth of the farming
allows ploughing back of reasonable
sector and doubling of farmer incomes.
profits back to the shareholders and
Similarly Social Impact or Community
the assets of the company are used
Interest Companies to harness private
capital for social good. Presently, the
legal framework does not permit an

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Ministry of Corporate Affairs

■ A committee of Experts would be

constituted to make recommendations
for bringing in a new Law for setting up
and governing “Social Impact
Companies” by 2022

■ In the year 2008, a Bill for setting up

Institute of valuation was drafted on
the lines of the ICAI Act but it could not
be enacted as law due to various
reasons. Ministry now firmly
recognizes the need for setting up the
Indian Institute of Valuation and
AI, Machine Learning (ML) and real time
Valuation Professionals by 2022
analytics will be used to achieve this by
2024

Theme 6: Single source of

truth for key financial data
Single source of truth is the structuring of
data in an architecture wherein every
data element is stored and managed at
only one place in the database.
■ Objectives:
 Ease of Doing Business by reducing
multiple filings with different regulators
 Effective Regulatory oversight
 System Driven Enforcement
 Early Warning System
 Data Validation among agencies

■ Single Source of Truth for key financial ■ Other regulators involved:

data envisages development of a
common platform for inter-linking all
economic and financial
databases, avoiding duplication of data
in multiple databases.
 MCA, CBDT, GSTN, RBI, SEBI, Stock
exchange, CERSAI, CRILC, SFIO,
regulators CEIB, EOW, ED, FIU, CBI

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Ministry of Corporate Affairs

5.1 Monitoring 5.2 The KPIs will be monitored and

Monitoring is the regular collection and reviewed by:
analysis of information to track progress  Division Heads on weekly basis
against set plans (KPIs) and check  Secretary on fortnightly/monthly basis
compliance to established standards. It  MoS in 60 days
helps identify trends and patterns, adapt  Minister in 90 days
strategies for the benefit of all
stakeholders. It is an essential part of this MCA is committed to continuously
Vision document to carry out necessary improving corporate governance in the
mid-course corrections so as to achieve country while facilitating investment and
the targeted action plans. business growth, making it easier to do
business and making regulations simpler
Monitoring the progress will be carried in order to reduce cost of compliance,
out through the Key Performance enforcement and monitoring.
Indicators (KPIs) identified for the
purpose.

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Ministry of Corporate Affairs

6.1 Key Performance Indicators

Theme 1: Greater Ease of doing business

1-day disposal of Company/ LLP “Name Reservation” and Incorporation applications – Based on data upto
00 Hours of the following day for calculation of D0

■ Impact - It will facilitate “EODB - Starting a Business” initiative of the Government.

■ Quantitative target: (D0 = date of payment confirmation or date of re-submission 9 AM to 6 PM. D0 for LLP is
taken as D0 as taken for the Companies. Holidays, Saturdays and Sundays are excluded).

S. KPI Parameter/Unit 2019-20 2020-21 2021-22 2022-23 2023-24

No.
1 Company – Name Reservation disposal by CRC

a. D0 % disposal of 90% 95% 100% -- --

incorporation
related e-forms
b. D0 + 1 filed in CRC 100% 100% 100% 100% 100%

2 Company – Incorporation disposal by CRC

a. D0 % disposal of 75% 85% 95% -- --

incorporation
D0+1 related e-forms 100% 100% 100% 100% 100%
b.
filed in CRC

3 LLP – Name Reservation disposal by CRC

a. D0 % disposal of 90% 95% 100% -- --

incorporation
D0+1 related e-forms 100% 100% 100% 100% 100%
b.
filed in CRC

4. LLP – Incorporation disposal by CRC

a. D0 % disposal of 75% 85% 95% -- --

incorporation
D0+1 related e-forms 100% 100% 100% 100% 100%
b.
filed in CRC

5 Company/ LLP complaint disposal by CRC

a. D0 % disposal of 60% 75% 95% -- --

complaints in
D0+1 CRC 100% 100% 100% 100% 100%
b.

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Ministry of Corporate Affairs

Theme 2: Overhaul of Corporate Governance framework

S. KPI Unit 2019-20 2020-21 2021-22 2022-23 2023-24

No.
1 Annual compliance by Percentag 60 70 80 85 90
companies (Annual Return e
and Financial Statement)
2 Capacity Building of Milestones Launch Up-dation Universal -- __
Independent Directors Database, of coverage of
Registration Proficienc Proficiency
and Launch y Assessmen
of Assessm t
Proficiency ent Programme
Assessment Program s
Programme me

3 Develop Audit Quality Timeline Preparatory Finalizati Implementa --- ---

Indicators in line with Global steps on & tion
standards Notificatio
n

4 Disclosure based regulation Milestone Preparatory Notificatio --- --- ---

to strengthen audit quality s steps n&
Implemen
tation
5 Annual Report by Milestone Preparatory Notificati Implement __ __
auditors/audit firms s steps on ation

6 Conduct short term training/ Number 25 30 35 40 40

awareness/ studies/
workshops related to
Corporate Affairs
7 Setting up of Central Scrutiny Milestones Preparation Software __ __ __
Centre of concept Develop
note, ment and
finalisation Operation
of alization
requirement of Central
s, Scrutiny
preparation Centre
of rules and
workflows
8 CSR Knowledge Resource Timeline Preparation Launch of Release of -- --
Portal of Blueprint Portal V2 Portal

MCA Vision 2019-2024 23

Ministry of Corporate Affairs

Theme 3: Strengthen Adjudicatory & Regulatory Institutions

S. KPI Unit 2019-20 2020-21 2021-22 2022-23 2023-24

No.
1 Average time for admission of Days 105 60 50 40 30
CIRP cases under Section 7
of IBC
2 Average time taken for CIRP Timeline 330 300 280 240 200
resolution
3 Reduction in time taken for Time in 24 20 18 15 12
investigation of cases by months
SFIO

4 Capacity Building of Milestones Launch Launch of Universal __ __

Independent Directors Database Proficienc coverage of
of IDs & y proficiency
Registratio Assessm Assessment
n of IDs ent Programme
Program s
me

5 Develop Audit Quality Timeline Preparator Finalizatio Implementat --- ---

Indicators in line with Global y steps n& ion
standards Notificatio
n
6 Implementation of e-Courts Milestone Delhi & All --- --- ---
system in NCLT & NCLAT s Mumbai Remain
ing
Benches

7 Disclosure based regulation Milestone Preparator Notificatio --- --- ---

to strengthen audit quality s y steps n&
Implemen
tation
8 Annual Report by Milestone Notification Full --- __ __
auditors/audit firms s scale
Review
of
Reports

9 Conduct short term training/ Number 25 30 35 40 50

awareness/ studies/
workshops related to
Corporate Affairs

MCA Vision 2019-2024 24

Ministry of Corporate Affairs

Theme 3: Strengthen Adjudicatory & Regulatory Institutions

S. KPI Unit 2019-20 2020-21 2021-22 2022- 2023-

No. 23 24
10 GST Assistant Scheme NA Approval of EFC, Training of Training of
*-- KPI subject to requisite receipt of budget, 3.0 lakh 4.0 lakh
approval by competent Finalisation of students students
authority for launch of syllabus, issue of
scheme and budgetary advertisement and
allocations conduct of entrance
examinations,
Training of 50,000
students
11 Strengthening of Disciplinary E-Platform for Approval Implement
Mechanism in Institutes and Disciplinary of the ation of
Amendments in Regulations Mechanism, E- Cabinet , the Act
and Rules and Act of Hearing and Rules
professional institutes based Introductio for
on Dutta Ghosh Committee Examine the n of Bills in effective
and CoE report comments of PIs on Parliament and robust
the recommendat- , Disciplinar
ion of Meenakshi y
Datta Ghosh Amendme Mechanis
Committee’s report. nts in Acts m

Drafting legislation
for amendments.
12 Reduction in time taken for Time in 24 20 15 12 ---
Investigation of Cases at months
DGoCA

13 Reduction in time taken for Time in 18 12 09 06 --

Inspection of Cases at months
DGoCA

14 Reduction in time taken for Time in 15 12 09 04 --

Inquiry of Cases at DGoCA months

MCA Vision 2019-2024 25

 Ministry of Corporate Affairs

Theme 3: Strengthen Adjudicatory & Regulatory Institutions (IEPF Section)

S. KPI 2019-20 2020-21 2021-22 2022-23 2023-24

N.
15 Awareness and Education
Programme
a. Number of IAPs to be 10000 15000 22000 30000 37000
conducted
b. Awareness through Approval of plan Awareness Scale up of
comprehensive media for awareness through operations
plan programme newspapers, as per need
through TV Multiplexes and analysis
Serials & a all Social Media
comprehensive Platforms
media plan
c. Awareness through Development of Operationalisati Scale up of
Digital Solutions IEPF Android on of IEPF operations
and IoS App Android and IoS as per need
App analysis
d. Promotion of research - 2 6 8 10
and activities in the field
of Investor awareness
through Research Chair
at IICA and other
established institutions
e. MoUs with Institutes 2 2 2 2 2
and organizations
f. National and State 2 3 4 5 5
Level Conferences
16 Compliance monitoring Companies with Companies with Companies ---
more than Rs more than Rs with more
20 Cr Paid Up 10 Cr Paid Up than Rs 5 Cr
Capital Capital Paid Up
Capital
17 Grievance Redressal Call Centre Scale up of ---
Mechanism Solution for operation
grievance as per need
management analysis - Web
based
redressal,
chatbox etc.
18 Claim Settlement - 80% 90% 100%
Percentage of claims
settled out of the
applications with
complete documentation
19 Online verification and Commencemen Seamless Enforcement - -
Settlement of Claims t of online process of Module in
verification claims through MCA21V3
integration of
data bases

MCA Vision 2019-2024 26

Ministry of Corporate Affairs

Theme 4: AI & Analytics based MCA21 v3

A. MCA21 v3 e-governance project implementation

■ Impact - Implementation of EoDB parameters through MCA21 v3 will bring simplification, efficiency and
transparency to the overall process
S. KPI Parameter/Unit 2019-20 2020-21 2021-22 2022-23 2023-24
No.
1 New version of Project MCA21 v3 MCA21 v3 MCA21 v3 -- --
MCA21 system to be Implementation of implement system system
implemented and version 3 of ation requiremen with full
stabilised MCA21 for agency to t capabilitie
providing online
be finalization s
platform
onboarded and pilot implement
incorporation and
run ed and
compliance
reporting services stabilized
across all
offices

B. Adjudication
■ Impact - Providing end-to end online e-adjudication facility to stakeholders will facilitate:
 Enhanced transparency in government processes
 Increased stakeholder’s convenience through digital hearings, appointments and processing of adjudication
matters
 Enhanced automation of processes

S. KPI Parameter/Unit 2019-20 2020-21 2021-22 2022-23 2023-24

No.
1 Development and Electronic Requirem Software Full scale Additional --
operationalization of processing of ent Developm Operation enhancem
e-Adjudication adjudication finalizatio ent & Pilot alization ents
Module proceedings and n run
related processes

C. E- Consultation
■ Impact - Digitisation of stakeholder consultation process for policy making will assist in effective assessment of
impact of proposed policies on the corporate sector and bring in industry perspective in policy making/revisions
S. KPI Parameter/Unit 2019-20 2020-21 2021-22 2022-23 2023-24
No.
1 Development and Online Module for Requireme Software Full scale Additional --
operationalization of Public nt Developm Operation enhancem
public e-consultation consultation w.r.t. finalization ent & Pilot alization ents
Module proposed laws/ run
amendments

MCA Vision 2019-2024 27

Ministry of Corporate Affairs

Theme 4: AI & Analytics based MCA21 v3

D – Statistics Division

S. KPI Unit 2019-20 2020-21 2021-22 2022-23 2023-24

No.
1 Establishment of an Online Number 7 5 Stabilizati --- ---
“Compliance Monitoring of on of CMS
System” based on Data Section
Analytics of e-filings in MCA21. s to be
covered
each
year
2 Random Sample check of Mileston Preparator 5 e-forms Expansion --- ---
Straight Through Process es y Steps & 3 of
(STP) SRNs filed during 2019- e-forms Coverage
20. and
Stabilizati
on
3 Reports on Corporate Sector Number 2 4 6
Functioning. of
Reports

E. Compliance Management system

■ Impact - Proposed compliance management system will enhance corporate governance standards in India with
the help of technology and will facilitate:
 Auto detection of non-compliant companies and directors
 Assist in taking action against the defaulters
 Provide facility to submit response through electronic platform i.e. e-Communication platform

S. KPI Parameter/Unit 2019-20 2020-21 2021-22 2022-23 2023-24

No.
1 Deployment and Module for Digital Requireme Software Additional -
operationalization of monitoring of nt Developme enhancem
Compliance compliances and finalization nt and ents
Management System identification of
Operational
(CMS) Module non-compliant
companies ization

MCA Vision 2019-2024 28

Ministry of Corporate Affairs

Theme 4: AI & Analytics based MCA21 v3

F. Convergence of Corporate Data Management (CDM) and MCA21 v3 System

■ Impact - Provision of data lake and on demand data extraction capability in MCA21 v3 will ensure:
 Extraction of large volumes of data on demand
 Basic analytical capabilities for fast decision making
 Enhanced reporting & governance

S. KPI Parameter/Unit 2019-20 2020-21 2021-22 2022-23 2023-24

No.
1 Deployment of Data Data Requireme Requireme Implement -- --
Analytical Capabilities management and nt nt ation and
in MCA21 version 3 data analytics finalization finalization Operation
capability in and pilot alization
MCA21 v3
run across all
field
offices

MCA Vision 2019-2024 29

 Ministry of Corporate Affairs

Theme 5: New Legislations

S. KPI Unit 2019-20 2020-21 2021-22 2022-23 2023-24

No.
1 National Action Plan (NAP) on Timeline Baseline Stakehold Review -- --
Business and Human Rights Study er
Consultati
ons &
Release
of
National
Action
Plan

2 Legislation for Social Impact Milestones Constituti Drafting Passage of

Companies on of of Law Bill & Rule
committee and making
to make Introducti
recomme on in
ndations Parliame
nt

3 Indian Institute of Valuation NA Constitutio Enactmen -- --

and Valuation Professionals n of Expert t of law & --
Committee constitutio
and n of
submission Indian
of report. Institute
Drafting of of
legislation, Valuation
approval of and
cabinet, Valuation
introductio Professio
n of bill nals along
with
relevant
rules and
regulation
s

MCA Vision 2019-2024 30

Ministry of Corporate Affairs

7.1 Communication Strategy The Ministry aims to effectively

It is increasingly important to clearly communicate through:
communicate the vision, action plan and
achievements to all stakeholders.
Press
Strategic communication is an invaluable releases
Advertise
tool for dissemination of information and Webinars
ments
progress.

MCA Vision 2019-2024 31