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Aadhaar to be made mandatory for corporates

By Newsd
Updated on :
Greater awareness of Aadhaar linking risks, mitigation needed: ICERT
Source: DNA

In order, to tackle the problem of fake identities, centre to soon make Aadhaar number compulsory for vital managerial personnel and directors in regulatory filings under the Companies Act. The move is initiated at a time when authorities are taking steps to deal with the dangers of shell companies which are used for laundering unauthorised funds.

While making Aadhaar compulsory under company laws is under a constant debate, the Corporate Affairs Ministry has already asked stakeholders to obtain Aadhaar for “integrating their details with MCA21”. MCA21 is the gateway through which filings required under the Companies Act are submitted to the Ministry. The concept is to implement a system which aids the government to identify the stakeholders whose name come up in the filings made through MCA21.

According to sources, the Ministry has started implementing this rule by designing a framework to make quoting of Aadhaar compulsory for corporate filings. “We will roll it out pretty fast. It will be done in a phased manner,” the source said.This move is also preceded by a number of discrepancies in personal details provided by individuals in the regulatory filings. The Ministry has also announced that the Aadhaar should be in sync with PAN (Permanent Account Number).

With respect to the foreign companies, a separate system would be worked out by the Ministry.

“When implemented, all MCA21 services shall be available based on Aadhaar-based authentication only,” the notice, issued earlier this month, said. Individual stakeholders, including “DIN (Director Identification Number) holders/ Directors/ Key Managerial Personnel” as well as certain professionals have been asked to obtain Aadhaar.

Notably, those who are professionals of the institutes of chartered accountants, company secretaries and cost accountants are bound to make their Aadhaar cards at the earliest. This would be applicable irrespective of whether the individual is in “employment or in practice”.

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