The new version of MCA 21 portal, which is mainly used to submit filings under the companies law, will utilise artificial intelligence and machine learning capabilities.
The MCA 21 system, which comes under the Corporate Affairs Ministry, was started in 2006, and currently the second version is operational.
"MCA 21 Version 3 envisages various areas such as helpdesk solution, e-consultation module, security and threat management for utilising the capabilities of Artificial Intelligence and Machine Learning (AI/ ML)," Minister of State for Corporate Affairs Anurag Singh Thakur told the Lok Sabha on Monday.
He was responding to a query on whether the government plans to introduce AI system in the MCA 21 portal.
"Quantum of funds allotted for implementing AI/ML is included in the total cost approved by the Competent Authority and as such breakup of cost for AI/ML is not separately available," the minister said in a written reply.
Among other features, the new version would have modules such as e-consultation, e-adjudication, compliance management system and e-learning.
Features such as autopilot surveillance, pre-emptive fraud-detection, compliance management, improved user experience, capability for integration and data exchange with other regulators and government agencies, data analytical capabilities would also be included in the new version.