Summary: The Ministry of Corporate Affairs (MCA) has streamlined the Form PAS-6 filing process, a half-yearly return for reconciliation of share capital for unlisted public companies and non-small private companies. Previously, separate PAS-6 forms were required for each International Securities Identification Number (ISIN). With recent system updates, companies can now file a single, consolidated PAS-6 form covering all their ISINs. This change, applicable to all companies, aims to ease compliance. Non-small private companies have an extended deadline for compliance until June 30, 2025. Governed by Rule 9A of the Companies (Prospectus and Allotment of Securities) Rules, 2014, PAS-6 requires dematerialization of securities and filing within 60 days from the end of each half-year (May 30 and November 29). The revised process involves obtaining ISIN-wise data from RTAs/Depositories, preparing a consolidated reconciliation report, inputting details into the MCA V3 portal, and digitally signing and certifying the form by a professional. This update reduces procedural complexities while maintaining oversight of share capital reconciliation.
INTRODUCTION:
Form PAS-6 is governed by Rule 9A of the Companies (Prospectus and Allotment of Securities) Rules, 2014, and is applicable to all unlisted public companies and all Non-Small Private Limited Companies except certain exempted categories like Nidhi Companies, Government Companies, and Wholly Owned Subsidiaries of Public Company.
Previously, each ISIN (International Securities Identification Number) issued for different classes or types of securities required a separate PAS-6 filing. However, MCA has streamlined the process, and now companies are required to file a single PAS-6 form, even if there are multiple ISINs. This change is applicable to all Companies..
♦ Legal Provisions:
√ Section 29(1)(b) of the Companies Act, 2013:
Mandates that securities of public companies as well as Non Small Private Limited Companies must be issued in dematerialized form as prescribed.
√ Rule 9A of the Companies (Prospectus and Allotment of Securities) Rules, 2014:
States that every unlisted public company and non-small private Company shall:
√ Facilitate dematerialization of all existing securities;
√ File Form PAS-6 with the Registrar within 60 days from the end of each half-year.
√ MCA Update – System Revision (2024–2025):
MCA has updated its e-filing system to allow consolidated PAS-6 filing, enabling inclusion of multiple ISINs in a single form.
A. NON-APPLICABILITY:
The provision of Demat of Securities shall not be applicable on the following Companies:
1. Nidhi Company
2. Government Company
3. Wholly Owned Subsidiary Company of Public Company
4. Small Private Limited Companies
B. REVISED PROCESS FOR FILING PAS-6 – SINGLE FORM FOR ALL ISINS
The updated process is as follows:
1. Obtain ISIN-wise Data
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- Coordinate with RTA/Depository (NSDL/CDSL) to obtain reconciliation data for all ISINs.
- Ensure accuracy of demat and physical holdings for each ISIN as of the end of the half-year (March 31 / September 30).
2. Prepare Consolidated Reconciliation Report
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- Collate data of all ISINs into a single working paper.
- Prepare the reconciliation report as per MCA format, segregated by each ISIN within one report.
- Get the report reviewed and verified.
3. Access MCA Portal
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- Log in to the MCA V3 portal.
- Navigate to the PAS-6 e-form.
- Input consolidated details covering all ISINs in the relevant tabular section of the form.
4. Certification and Verification
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- The form must be digitally signed by a Director/Manager/Company Secretary.
- Additionally, it must be certified by a Practicing Chartered Accountant or Company Secretary.
5. Attachments to PAS-6
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- Consolidated reconciliation statement (ISIN-wise)
- Confirmation letter from RTA/Depositories
- Other relevant supporting documents, if any
6. Submit and Acknowledge
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- File the PAS-6 form within 60 days from the closing of each half-year (i.e., by 30th May and 29th November).
- Save acknowledgment and SRN for records and future reference.
C. COMPLIANCE TIPS & RECOMMENDATIONS
✔ Maintain ISIN Master Data year-round for quick reporting.
✔ Schedule a compliance review every half-year post-closing to ensure timelines.
✔ Keep soft and hard copies of filed PAS-6 and supporting working papers for statutory and internal audits.
✔ Liaise closely with RTAs and Depositories for smooth data retrieval.
✔ Do not delay filing as PAS-6 is subject to penalty and adjudication under Section 450 of the Companies Act, 2013 in case of default.
D. FAQS ON PAS-6 FILING (REVISED SINGLE FORM PROCESS)
Q1. Is PAS-6 still mandatory for unlisted public companies?
Yes. PAS-6 remains mandatory for all unlisted public companies, except Nidhi Companies, Government Companies, and Wholly Owned Subsidiaries.
Q2. Can I now file PAS-6 for multiple ISINs in a single form?
Yes. The MCA has updated its system to allow consolidated filing of PAS-6 for multiple ISINs in one form.
Q3. What happens if I file only for one ISIN and miss the others?
Filing incomplete ISIN data can result in inaccurate reporting, which may attract compliance scrutiny and potential adjudication under Section 450 of the Companies Act.
Q4. Who can certify PAS-6?
PAS-6 must be certified by a Practicing Chartered Accountant or Company Secretary. It also requires digital signature of a Director or Company Secretary of the company.
Q5. Is PAS-6 applicable to private limited companies?
Yes. Rule 9A and PAS-6 apply only to non small Private companies.
Q6. What is the due date for filing PAS-6?
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- For the half-year ending 31st March – due by 30th May
- For the half-year ending 30th September – due by 29th November
Q7. Are there any late fees for delayed filing of PAS-6?
Yes. Standard late filing fees under the Companies (Registration Offices and Fees) Rules apply. Additionally, persistent non-compliance may attract penal action under Section 450.
Conclusion
The new consolidated filing system for PAS-6 is a welcome move by MCA, aimed at easing compliance for unlisted public companies, especially those with multiple ISINs. It reduces procedural hassle while ensuring robust oversight of dematerialisation and share capital reconciliation. As professionals, Chartered Accountants and Company Secretaries must ensure accurate and timely filing of PAS-6 to safeguard the company’s regulatory standing and support corporate governance best practices.
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Author – CS Divesh Goyal, GOYAL DIVESH & ASSOCIATES Company Secretary in Practice from Delhi and can be contacted at csdiveshgoyal@gmail.com).
Also Read:
Private Companies Demat & PAS-6 Filing Mandate
Mandatory Demat of Shares of Non-Small Private Company and PAS 6
Reconciliation of Share Capital Audit Report- Form PAS-6
Mandatory Demat of Shares of Section 8 Company and Form PAS 6
e-Form PAS-6- Purpose, Applicability, Due date, Provisions
E-Form PAS-6 Reconciliation of share capital audit report
Form PAS-6 Half Yearly Reconciliation of Share Capital Audit Report
Form Pas-6 | ISIN | Consequences
Form PAS-6: Reconciliation of Share Capital Audit Report- Analysis
Author Bio
Dear Divesh ji, very nice article…can you let me know, as a company how are we supposed to know about this change in the functionality of e-Forms when there is no information from MCA on its website or through any other medium…we were still knowing that two separate forms are required to be filed…I am curious to know whether there was any official communication from MCA which we missed…pl let me know.. Thanks and Regards