Corp Affairs Min plans corporate profiling, behaviour analysis to identify non-compliant entities

These include "data analytics and Artificial Intelligence and Machine Learning (AI/ML) for corporate profiling, behaviour analysis and fraud analysis and alerts, to identify non-compliant corporate entities," he said. MCA 21 is the portal through which companies and LLPs submit various regulatory filings to the ministry, which implements Companies Act, 2013 and Limited Liability Partnership Act, 2008.

To identify non-compliant corporate entities, the government is planning to use data analytics and artificial intelligence for corporate profiling, behaviour analysis as well as fraud analysis and alerts. Various technical capabilities will be used to keep a tab on non-compliant entities through the Corporate Affairs Ministry's portal MCA 21.

In a written reply to Lok Sabha, Minister of State for Corporate Affairs Anurag Singh Thakur said MCA 21 version 3 envisages various areas which shall utilise technical capabilities. These include "data analytics and Artificial Intelligence and Machine Learning (AI/ML) for corporate profiling, behaviour analysis and fraud analysis and alerts, to identify non-compliant corporate entities," he said.

MCA 21 is the portal through which companies and LLPs submit various regulatory filings to the ministry, which implements Companies Act, 2013 and Limited Liability Partnership Act, 2008. Under the Act, all companies are required to hold Annual General Meetings (AGMs) every year and file financial statements as well as annual returns within the provided time limit and in prescribed forms after holding AGMs.

In the first and second versions of MCA 21, through artificial intelligence, the ministry has been displaying the master data of all companies. It discloses filing position of the said documents, including the date of holding AGM apart from other details of the company and also whether a company is active compliant company or not, the minister said. There are around 12 lakh registered companies in the country.