KYC norms: Directors protest disqualification, seek time to finish process

    Company directors who have not authenticated themselves have written to the secretary to the Ministry of Corporate Affairs (MCA), seeking more time to complete the process. They said the MCA 21 site was not working and because of that they could not complete their know your customer (KYC) norms. The MCA is deactivating the registrations of 2 million directors because they did not update their KYCs. In 60 days, 1.2 million directors have completed their KYCs. The remaining will be disqualified unless they update their KYC and pay a penalty to the ministry. Read More...

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