{"id":567,"date":"2020-06-03T17:07:21","date_gmt":"2020-06-03T11:37:21","guid":{"rendered":"https:\/\/aimonks.com\/aibytes\/?p=567"},"modified":"2020-06-03T17:07:24","modified_gmt":"2020-06-03T11:37:24","slug":"mca-21-version-3-will-weed-out-shell-companies","status":"publish","type":"post","link":"https:\/\/aimonks.com\/aibytes\/2020\/06\/03\/mca-21-version-3-will-weed-out-shell-companies\/","title":{"rendered":"MCA 21 Version 3 Will Weed Out Shell Companies"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>\n

The corporate affairs ministry<\/strong> is looking for a solution to tackle the emergence of shell companies<\/strong>. Shell companies are those that exist only on paper and allegedly carry out money laundering<\/strong> and other illegal activities<\/strong>.<\/p>\n\n\n\n

The ministry believes that with the help of data analytics<\/strong> and artificial intelligence<\/strong>, there will be a possibility of the creation of an ecosystem with “zero-tolerance” <\/strong>for non-compliance with regulations.<\/p>\n\n\n\n

The ministry is working on bringing an advanced MCA 21 portal to ensure a high level of compliance<\/strong> and have a competent corporate governance system<\/strong>.<\/p>\n\n\n\n

The creation of MCA 21 took place in 2006<\/strong>. Currently, the second version is operational. This portal is a repository of data on corporate in the country, and it encourages submission of requisite filings under the company law. Injeti Srinivas<\/strong>, corporate affairs secretary, elaborated that once the third version of MCA 21 becomes operational, the existence of shell companies would almost come to an end.<\/p>\n\n\n\n

There are about 12lakh active companies<\/strong> in India, which comply with various regulatory requirements under the company act.<\/strong><\/p>\n\n\n\n

The ministry has de-registered almost 4.25 lakh shell companies<\/strong>, which has brought down the number of more shell companies joining in. The KYC (Know your client) drive<\/strong> for directors and companies has also encouraged the emergence of only legitimate businesses.<\/p>\n\n\n\n

Compliance levels have crossed 80 percent<\/strong> in terms of filings and are bound to exceed 90 percent<\/strong> once the third version becomes operational. <\/p>\n\n\n\n

The MCA 21 version 3 <\/strong>utilizes the capabilities of Artificial Intelligence<\/strong>, data analytics<\/strong>, and Machine Learning<\/strong> to weed out shell companies<\/strong>.<\/p>\n\n\n\n

#AIMonks #AI #ArtificialIntelligence #DataAnalytics #ML #MachineLearning #CorporateAffairsMinistry #MCA21 #ShellCompanies #Shellcos #Compliance<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span> The corporate affairs ministry is looking for a solution to tackle the emergence of shell companies. Shell companies are those that exist only on paper and allegedly carry out money laundering and other illegal activities. The ministry believes that with the help of data analytics and artificial intelligence, there will […]<\/p>\n","protected":false},"author":2,"featured_media":568,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[35,24,25,522,518,362,32,519,33,521,520],"class_list":["post-567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethics-and-compliance","tag-ai","tag-ai-monks","tag-artificial-intelligence","tag-compliance","tag-coporate-affairs-ministry","tag-data-analytics","tag-machine-learning","tag-mca21","tag-ml","tag-shell-co-s","tag-shell-companies"],"rttpg_featured_image_url":{"full":["https:\/\/aimonks.com\/aibytes\/wp-content\/uploads\/2020\/06\/stop-2985522_640.jpg",640,423,false],"landscape":["https:\/\/aimonks.com\/aibytes\/wp-content\/uploads\/2020\/06\/stop-2985522_640.jpg",640,423,false],"portraits":["https:\/\/aimonks.com\/aibytes\/wp-content\/uploads\/2020\/06\/stop-2985522_640.jpg",640,423,false],"thumbnail":["https:\/\/aimonks.com\/aibytes\/wp-content\/uploads\/2020\/06\/stop-2985522_640-150x150.jpg",150,150,true],"medium":["https:\/\/aimonks.com\/aibytes\/wp-content\/uploads\/2020\/06\/stop-2985522_640-300x198.jpg",300,198,true],"large":["https:\/\/aimonks.com\/aibytes\/wp-content\/uploads\/2020\/06\/stop-2985522_640.jpg",640,423,false],"1536x1536":["https:\/\/aimonks.com\/aibytes\/wp-content\/uploads\/2020\/06\/stop-2985522_640.jpg",640,423,false],"2048x2048":["https:\/\/aimonks.com\/aibytes\/wp-content\/uploads\/2020\/06\/stop-2985522_640.jpg",640,423,false],"hestia-blog":["https:\/\/aimonks.com\/aibytes\/wp-content\/uploads\/2020\/06\/stop-2985522_640-360x240.jpg",360,240,true]},"rttpg_author":{"display_name":"AI Bytes","author_link":"https:\/\/aimonks.com\/aibytes\/author\/aibytes_kashika\/"},"rttpg_comment":0,"rttpg_category":"Ethics and Compliance<\/a>","rttpg_excerpt":"Reading Time: 2 minutes The corporate affairs ministry is looking for a solution to tackle the emergence of shell companies. Shell companies are those that exist only on paper and allegedly carry out money laundering and other illegal activities. The ministry believes that with the help of data analytics and artificial intelligence, there will […]","_links":{"self":[{"href":"https:\/\/aimonks.com\/aibytes\/wp-json\/wp\/v2\/posts\/567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aimonks.com\/aibytes\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aimonks.com\/aibytes\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aimonks.com\/aibytes\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/aimonks.com\/aibytes\/wp-json\/wp\/v2\/comments?post=567"}],"version-history":[{"count":1,"href":"https:\/\/aimonks.com\/aibytes\/wp-json\/wp\/v2\/posts\/567\/revisions"}],"predecessor-version":[{"id":569,"href":"https:\/\/aimonks.com\/aibytes\/wp-json\/wp\/v2\/posts\/567\/revisions\/569"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/aimonks.com\/aibytes\/wp-json\/wp\/v2\/media\/568"}],"wp:attachment":[{"href":"https:\/\/aimonks.com\/aibytes\/wp-json\/wp\/v2\/media?parent=567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aimonks.com\/aibytes\/wp-json\/wp\/v2\/categories?post=567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aimonks.com\/aibytes\/wp-json\/wp\/v2\/tags?post=567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}