DIR-3 KYC - A step towards updating directors database.

Directors Must Submit KYC Details Under New Rule 12A for Enhanced Corporate Governance Transparency and Reliability The Ministry of Corporate Affairs (MCA) has introduced the E-form DIR-3 KYC as part of efforts to update its directors' database. This initiative is outlined in the 'Companies (Appointment and Qualification of Directors) Fourth Amendment Rules, 2018,' which was officially notified on July 5, 2018. The new Rule 12A requires directors to submit their KYC details, ensuring that the database remains current and accurate. This measure aims to enhance the transparency and reliability of corporate governance in India. (AI Summary)