The rules and regulations regarding the DIR-3 KYC were introduced by the ministry of corporate affairs with the notification named companies (Appointment and Qualification) Fourth Amendments rules, 2018 that is made effective from 10th July 2018. According to the new rules, the KYC will be conducted by the ministry of corporate affairs of all Directors of all companies annually through a new e-form viz. DIR-3 KYC. The basic motive behind the introduction of these new rules is to update the ministry’s registry and track down the directors who act in a fraudulent manner.
Who is required to File E-form DIR-3 KYC?
- Every director who has been allotted Director’s Identification Number(DIN) on or before 31St March 2018 and has the “approved” DIN status is required to file this form.
- The designated partners in the Limited Liability Partnership holding the DIN number are also required to file this form.
- The DIN holder who is not acting as a director in any of the company is also required to submit this form.
- One thing to be noted here is that the disqualified directors are also required to file this form.
What is the information required to be filed in this form?
- DIN (Director’s Identification Number) of Director
- The full name of directors as stated on PAN
- The father’s name of the director as per PAN
- Whether Indian Citizen or Not
- Information about the Nationality of Director
- In case of foreign director nationality will be as declared in Passport
- Stating Whether Resident in India or Not
- In case the director is Non-Resident passport will be mandatory
- Date of Birth according to PAN
- Income Tax PAN (Mandatory for Indian Citizens)
- Valid Passport (If having), Passport Number needs to be entered
- Aadhaar Number (Mandatory in case of Indian Citizen)
- For the verification through OTP the Personal Mobile Number and E-Mail Id
- Permanent Residential Address
- Present Residential Address
Note- The E-form submitted shall be certified with the signature of the director himself and the practicing professional like (Chartered Accountant, Company Secretary, Cost Management accountant).
What is the Due date for Filing the E-form KYC DIR-3?
The due date for filing the E-form DIR-3 KYC is 30th April of Immediate Financial Year.
What are the Consequences of failure to file this form?
If any Directors Identification Number(DIN) holder fails to file this form within the stipulated time shall become ready to face the harsh consequences. The government will deactivate the DIN of the defaulter. Moreover, the deactivated DIN shall only be reactivated after filing the E-form DIR-3 KYC along with the fee of Rs. 5000/ for delayed payment.
Due to the stringent penal provisions it is highly recommended for the directors to get their KYC filed on time.