The Ministry of Corporate Affairs on 2nd December 2019 has launched the data-bank of independent directors with an aim to strengthen the institution of independent directors under the Companies Act.
The data-bank which can be accessed at www.mca.gov.in or www.independentdirectorsdatabank.in would provide an easy to access and navigate platform for the registration of existing independent directors as well as individuals aspiring to become independent directors. The Indian Institute of Corporate Affairs (IICA), under the ministry, would be maintaining the data-bank portal.
All existing Independent Directors are required to register themselves in the data-bank within 3 months from 01 December 2019. Companies also may register themselves with the data-bank to search, select and connect with individuals who possess the right skills and attitude for being considered for appointment as independent directors.
They are also required to pass a basic online proficiency self-assessment test which will available from March 2020 onwards within 12 months thereafter.
The data-bank portal has various e-learning capsules and videos for individual users. Besides, a number of value-added services are expected to be rolled out through the portal for capacity building of independent directors.
The registration process has been specifically designed to be quick and simple and has been divided into three simple steps:
- Log in through the user account on the Website of the Ministry.
- Upon log in the user will be directed to the Databank.
- Choose one of the Subscription Plans to access the e-learning and the e-proficiency assessment modules.
Source: MCA Webiste
