DIR-3-KYC FOR DIRECTORS

DIR-3-KYC is a new e-form launched by the Ministry of Corporate Affairs. This form is used to update the KYC for directors who are holding the Director Identification Number (DIN). As per the rule Companies Act, every individual who is holding Director Identification Number (DIN) as on 31st March of a financial year should submit e-form DIR-3-KYC to the Ministry of Corporate Affairs. In this blog let us see more about DIR-3-KYC FOR Directors.

WHY KYC?

An individual who is holding Director Identification Number (DIN) can become a Director of any company; there are many possibilities to have some changes in particulars of the director which is filled with the Ministry of Corporate Affairs (MCA). Many of them fail to update such compliance. Therefore, the Ministry of Corporate Affairs introduces the DIR-3-KYC form for a regular update of the Director’s particulars in a database of the register.

MCA has introduced the concept of KYC documents filing every year. Directors are required to file DIR 3 KYC form every year and to keep their DIN status is ‘Approved’; it is mandatorily required to file form DIR-3 KYC every year within the due date. 

Documents Required for DIR-3-KYC

1. Copy of PAN

2. Proof of Permanent address

3. Proof of present address

4. Copy of Aadhaar Card

5. Copy of Passport

6. Personal Mobile Number

7. Personal Email Id

8. Digital Signature of Director

The above documents should be self-attested and certified by a practicing Chartered Accountant or Company Secretary or Cost and Management Accountant.

Failure Non-Filing DIR-3-KYC

If the Director or DIN holder fails to file the DIR-3 KYC within the due date, the department of Ministry will mark the DIN of such director as ‘Deactivated due to Non-filing’. To reactivate the DIN have to file the form along with the penalty of Rs.5000/-. 

Deactivation of DIN: Non-filing of DIR-3 KYC within the prescribed timeline would result in the Deactivation of the DIN by the Ministry. The same will be re-activated only on the payment of the specified fee. The deactivated DIN’s can be reactivated after the Due Date on payment of a penalty of Rs 5000.

Forms

1. DIR-3 KYC - eForm will be submitted by an individual who holds DIN and filing his KYC details for the first time or by the DIN holder who has already filed his KYC once through DIR-3 KYC - eForm but wants to update his details.

2. DIR-3-KYC-WEB is to be used by the DIN holder who has submitted DIR-3 KYC eForm in the previous financial year and no details are required to update in his DIN. To file a DIR-3-KYC Form contact SV Consultant.