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August 3, 2023

Record 82,628 Cos and LLPs were formed in just 4 months

Record 82,628 Cos and LLPs were formed in just 4 months

According to information from the most recent edition of its corporate registration system, the ministry of corporate affairs (MCA) said on Wednesday that a record 82,628 entities, including companies and limited liability partnership (LLP) organisations, were established in India in the first four months of the current fiscal.

Additionally, according to a series of tweets from the ministry, 1.96 million forms were submitted between April and July using the most recent MCA21 (version 3, or V3) portal.

The ministry’s announcement comes in the midst of a controversy about technical issues with the V3 portal since its launch for businesses on January 23. Additionally, data reveals that, as of July 16, this fiscal year, 243,155 forms related to LLPs had been submitted, up from 209,064 the previous year.

Despite the technological difficulties, ET had reported on June 16 on the record number of entities being incorporated this fiscal year.

The government added that professional organisations, such as the Institute of Chartered Accountants of India and the Institute of Company Secretaries of India, have been given permission to provide information about their members who want to merge or deactivate numerous user IDs.

Since the current version doesn’t support multiple user IDs, the MCA has already given professionals like chartered accountants, company secretaries, and cost accountants permission to combine any numerous user IDs they may have previously created in order to utilise the V3 portal.

The beginning of the form now displays the DIR KYC status (for directors of firms),” the ministry tweeted.

Earlier this year, after complaints about the MCA21 (V3) portal’s technical troubles, Finance and Corporate Affairs Minister Nirmala Sitharaman ordered MCA Secretary Manoj Govil to resolve the problems as soon as possible.

In order to address the problems experienced by the users, senior MCA officials headed by Govil and executives of LTIMindtree attended the first stakeholders’ meeting in Delhi in June.

Similar meetings were held by the officials between June 20 and July 7 in Chennai, Hyderabad, Kolkata, Guwahati, Ahmedabad, and Mumbai. To resolve the problems as soon as possible, LTI Mindtree was given the go-ahead.

The government made the decision to gradually roll out the submission of different forms through the MCA21 (V3) site. In March 2022, the filing of 20 forms designed for LLPs went into effect. Thousands of LLPs filed over 521,000 forms on the most recent version of the portal in 2022–2023 compared to roughly 474,000 forms on the previous one (V2) in 2021–2022, persons with knowledge of the details have previously told ET.

Nine forms for directors, charges, and deposits related to KYC (know your customer) were launched in August 202. In 2022–2023, close to 2.8 million of these forms were filled on the V3 portal, which is almost 150,000 more than the previous year (on V2).

56 forms related to firms, including those for formation, were made accessible for filling on the V3 platform in January of this year. Due to frequent technical problems and other problems, this attracted the most attention.

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