Finance Minister Nirmala Sitharaman has proposed to use data analytics, artificial intelligence, machine learning for ministry of corporate affairs
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Union Budget 2021
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Finance Minister Nirmala Sitharaman has proposed to use data analytics, artificial intelligence, machine learning to make regulatory filings more frictionless for businesses and startups in a revamp of the ministry of corporate affairs (MCA) portal. The government had said that the ministry would look to introduce AI-based features in MCA-21 when version 3.0 of the portal is rolled out.
In May 2019, the MCA announced plans to introduce AI in the MCA-21 portal, currently being used by companies. This hoped to make the compliance easier and ensure that routine enforcement activities are done round-the-clock on an autopilot mode. Among other things, the usage of AI, ML and data analytics will ensure no one required to fill in known details again and also interlink databases. Everything will be automated and also the routine enforcement can now be done 24×7 on autopilot basis.
The MCA-21 3.0 is expected to have features such as single source of truth, ease of doing business, e-adjudication, online compliance monitoring, among others. All this is aimed at making the authenticity and comprehensiveness of corporate even better.
For the startup ecosystem, this is crucial as MCA-21 shares crucial information to various stakeholders such as the regulators, investors and companies. All filings under the companies law are submitted to the ministry through this portal.
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