DIR 3 KYC

REFERENCE: RULE 12 A of Companies (Appointment and Qualification of Directors) Rules, 2014

PURPOSE: MANDATORY ANNUAL DIRECTOR KYC OR CHANGE IN DETAILS SUCH AS MOBILE/EMAIL

APPLICABILITY: EVERY PERSON HOLDING DIRECTOR IDENTIFICATION NUMBER (DIN) AS ON 31ST MARCH OF FINANCIAL YEAR

DUE DATE:  30th SEPTEMBER OF EACH YEAR UNLESS EXTENDED

TYPES OF KYC:

1. FORM BASED KYC: Every DIN holder who will be performing his/her KYC for the very first time after allotment of DIN will be able to file his/her KYC through form i.e. DIR 3 KYC form only. From the next FY, the DIN holder can complete the KYC using web based functionality.

Documents as such self-attested aadhar card, PAN card and passport, if having are mandatory and all documents are required to be attested by a professional.

Any change in email id, mobile number of Director must be reflected via DIR 3 FORM filing.

2. WEB BASED: Every DIN holder who has submitted his FORM BASED KYC earlier, can thereafter complete the KYC procedure through web based by simply completing mobile and email OTP verification. No documentation is needed for web based KYC.

That means, one needs to file form based KYC only for the first time after allotment of DIN and thereafter can complete KYC through web based functionality, unless to reflect a change in personal details of Director.

CONSEQUENCES OF NON-FILING: If the KYC is not completed till the due date, the DIN shall be marked as “‘Deactivated due to non-filing of DIR-3 KYC’ and status shall remain Deactivated until KYC is done with a penalty of Rs.5000”.

One needs to note that, even if a person has resigned from all post/s of directorship or designated partner, he/she still needs to complete the KYC procedure every year.

Disclaimer: The above article is a general opinion based out of my knowledge expressed on an open platform. It is not meant to be actionable unless verified at your end and might differ case to case. The author of this post is not liable for any action taken on the basis of the above article. Readers are advised to take specific opinions based on full disclosure of all relevant facts.

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Qualification: CS
Company: Pragya & Associates
Location: Indore, Madhya Pradesh, India
Member Since: 01 Jun 2022 | Total Posts: 2

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