New e-KYC form for Directors/Designated Partners notified

companies (significant beneficial owners) rules, 2019

The Ministry of Corporate Affairs (“MCA”) vide its notification dated July 5, 2018 has notified the Companies (Appointment and Qualification of Directors) FourthAmendment Rules, 2018 (“Rules”). The Rules shall come into force with effect from July 10, 2018. The Rules require that every person holding Director Identification Number (“DIN”) must get his KYC updated with the MCA within the due dates provided in the Rules.

Form No. DIR-3 KYC has been prescribed by the MCA for completing KYC of the directors. Format of Form DIR-3 KYC has been duly prescribed in the Rules. PAN is mandatory in case of Indian nationals in all cases even if there is no change in PAN. In such cases, director details should be as per Income-tax PAN. In case the details as per Income-tax PAN are incorrect, director/designated partner is advised to first correct the details in Income-tax PAN.

Every person holding DIN shall file DIR-3 KYC with MCA on a yearly basis. Every individual who has been allotted DIN as on or before March 31st of a financial year will be required to submit e-form DIR-3 KYC with central government on or before April 30th of the immediate next financial year. For individuals who had been allotted DIN on or before March 31, 2018 and whose ‘DIN’ is in ‘approved’ status, the Rules prescribe that they are required to file form DIR-3 KYC on or before August 31, 2018.

The Rules specify that every individual who does not intimate his particulars in e-form DIR-3-KYC within the time stipulated in the Rules, the DIN of such individual shall be marked as “Deactivated” with reason “Non-filing of DIR-3 KYC”. The de-activated DIN shall be re-activated only after e-form DIR-3 KYC is filed along with the applicable fees.

Every individual who had been allotted DIN by March 31, 2018 shall file e-form DIR-3 KYC by August 31, 2018.

UPDATE: The aforementioned deadline of filing e-form DIR-3 KYC by August 31, 2018 has now been extended to September 15, 2018.