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Important update - All you should know about Director KYC

Important update - All you should know about Director KYC

Legal & Compliance

Ravi Kariya

Ravi Kariya

22 Jul 2018, 08:37 — 3 min read

Summary: In the backdrop of new MCA guidelines, it is now mandatory to conduct KYC in respect of each person who holds Director Identification Number (DIN). Here is what you need to know.

 

What is DIR-3 KYC?

Every individual who has been allotted a Director Identification Number (DIN) including disqualified Directors as on 31st March 2018 shall submit e-form DIR-3 KYC to the Central Government on or before 31st August 2018 without payment of ROC fees.

 

Who should file?

Every Director who has allotted DIN on or before 31st March, 2018

DIN Status – Approved /Disqualified

 

What documents are needed to file it?

The documents required are:

  • Email ID

  • Mobile Number

  • Self-Attested PAN

  • Self-Attested Aadhaar card (with  mobile number updated)

  • Self-Attested Electricity Bill/ Bank statement with present address

  • Passport size photograph

  • Director Digital Signature

 

Are there any Government fees for filing it?

No. There are no government fees for filing of DIR-3 KYC.


I am a foreign director in an Indian company. I don’t hold Aadhaar Card. Do I still need to complete this procedure?

Yes. If you are holding a DIN, it is mandatory that you file your DIR-3 KYC. List of documents will be same as above (except Aadhaar).

 

What are the consequences if form is not filed on or before 31st August 2018?

If the same is filed beyond 31st August 2018, penalty of INR 5,000/- shall be levied by the Ministry. This is a mandatory penalty and cannot be avoided.

The DIN shall be deactivated. This means that you are disqualified to act as a director in any company.

 

Do not wait till the last moment! Act now. Stay compliant and avoid disqualification and penalties by filing in time.

 

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Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker. 

Posted by

Ravi Haresh Kariya

EbizFiling.com is a motivated and progressive firm managed by like-minded people. It helps a variety of small, medium and large businesses to cater to all compliance requirements...

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