MCA allows multiple KYC updates throughout the year for directors

In a big relief to professional directors who switch organisations mid-year or businesses that undergo global restructuring, the Ministry of Corporate Affairs (MCA) has allowed the KYC form to be filed multiple times for any change in email ID or mobile number throughout the year, through its latest notification.

MCA’s notification dated July 16 said, “....if an individual intends to update his personal mobile number or his email address again at any time during the financial year….he shall update the same by submitting e-form DIR-3 KYC on payment of fees of five hundred rupees.”

Earlier, once annual KYC was filed, mobile numbers and email IDs could not be updated till April the next year. Experts said that as a consequence of this, directors missed important communications from the MCA regarding their new organisations where they get appointed as directors.

 

“Every year, every director needs to file his KYC with the MCA…This amendment ensures they can update their mobile number/email ID with the MCA in real-time and they stay connected and informed during transitions of organisations,” said Makarand M Joshi, Makarand M Joshi and Associates, a corporate compliance firm.