The Ministry of Corporate Affairs and Indian Institute of Corporate Affairs had introduced a portal of Data Bank for the empanelment of the Independent Directors as per their qualification, knowledge and Experiences in the various fields like Finance, Accountancy, Banking and other sectors. The databank of the Independent director handled by the Indian Institute of Corporate Affairs for effectively and deliberately providing the online mechanism of finding the right person for handling the big positions in corporates and also provide the additional knowledge for maintaining the required positions and performing the duties and obligations as specified under the Companies act, 2013 and SEBI (LODR) Regulations, 2015.
The applicant should have two things before applying for the empanelment on the portal like :
1. Login Credentials for the MCA portal,
2. Valid DIN/PAN/Passport
Thereafter the applicant should follow the below specified process for the Empanelment like:
1. Login to the MCA portal with the credentials have and then login on the portal of Independent Director’s Databank with the Email id and password,
2. Go to ‘ID DATABANK REGISTRATION’ and click on the ‘Individual Registration option’,
3. Fill the Profile details with the personal, Educational, Experiences details and submit the declaration regarding the information filled and about the Independence and integrity for the process of empanelment,
4. Enter DIN/PAN/Passport details and click on “Submit”.
5. After submitting the application, pay the prescribed fees as per the tenure selected:
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- One-year subscription: Rs 5,000 plus 18% GST
- Five-year subscription: Rs 15,000 plus 18% GST
- Lifetime subscription: Rs 25,000 plus 18% GST
- Late registration or renewal: Rs 1,000 plus 18% GST
- Restoring a disabled profile: Rs 1,000 plus 18% GST
6. Then enter otp and click on ’verify’,
7. Upon successful verification, click on “Proceed” button to receive credentials for Databank in email and mobile.
Therefore after the empanelment for the Independent Director, the applicant shall provided following benefits like:
1. Online Courses
2. Self-assessment
3. Corporate access to Databank
4. New Initiatives provided after empanelment
The Databank has the following key features to offer:
1. Empanelment of professionals acting as Independent Directors
2. Empanelment of professionals with/without DIN who wish to serve as Independent Directors
3. Online courses offered through an integrated Learning Management System
4. Newsletter and knowledge resources for continued professional development
5. Profile sharing for corporate access for helping them appoint well-trained and informed Independent Director
Applicability on appointment of Independent Director:
1. Every listed company must have at least one-third of total number of Directors as Independent Director,
2. As per Rule 4 of the Companies (Appointment and Qualification of Directors) Rules, 2014, the following classes of companies must have at least 2 directors as independent directors:
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- Public companies with paid-up share capital of Rs.10 crore or more.
- Public companies with a turnover of Rs. 100 crore or more.
- Public companies with aggregate outstanding loans, debentures, and deposits, exceeding Rs.50 crore.
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