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Corp Affairs Min to collect KYC details of companies, CAs

Monday, January 07, 2019

In efforts to weed out unscrupulous elements, the Corporate Affairs Ministry plans to collect KYC details of companies, chartered accountants, cost accountants and company secretaries.

A senior ministry official said the exercise would help in having a "sanitised list" of companies and professionals.

Last year, the ministry carried out the Know Your Customer (KYC) initiative for directors to ascertain their identities as part of larger efforts to clamp down on entities that are suspected to be conduits for illicit fund flows.

Corporate Affairs Secretary Injeti Srinivas said that KYC requirement for directors was a major step.

Against 33 lakh individuals who had Director Identification Numbers (DINs), little over 16 lakh have complied with the KYC requirement. DIN is a unique number allotted to individuals who are eligible to have directorship on the boards of registered companies.

Srinivas said the ministry would be doing the KYC process for companies, which would be a major step wherein the MCA21 system would not register the companies in case they are non-compliant with certain parameters.

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