• Notification Date: 19-07-2023
  • Notification No: N/A

Over 3.5 million Corporate Forms filed on MCA’s V3 portal, Yet Problems Exist

Filings by companies on the revamped V3 portal of the Ministry of Corporate Affairs have seen a sharp surge despite some teething troubles. According to recent data shared by the ministry, over 3.5 million forms have been filed on the updated Version 3 or V3 portal since its inception. 

Giving a break-up of the forms filed on the portal since the beginning of the financial year, the ministry further said that 0.16 million company incorporation forms were filed between April 1 and July 16, as against 0.14 million a year ago. 

Further, over 0.24 million limited liability partnership forms were filed between April 1 and July 16, which is higher than the previous year’s count of 0.2 million. As many as 16,052 LLPs were also incorporated between April 1 and July 16, nearly double of the 8,364 LLPs incorporated in the same period last year. 

The V3 portal of MCA21 is envisaged as a more modern portal with facilities such as web-based filing as well as data analytics. Nine corporate forms were migrated to the portal last August, followed by 56 forms in January. 

However, users have been complaining about difficulties faced in using the portal, including problems encountered while logging in, filing forms as well as the overall slow speed and delays. While the ministry has been monitoring the issue and has asked service provider LTIMindtree to resolve the issues, users said glitches persist. 

“The portal continues to be troublesome and has multiple problems. The ministry has however, been relying on the increasing number of filings to indicate that it is improving. However, if a filing took 30 minutes earlier, it may take as long as two hours now,” said a company secretary. 

The ministry is expected to take a call by next month on whether companies’ annual filings should continue the V2 portal, depending on the progress of resolving glitches.