Ministry of Corporate Affairs (MCA) in order to update its registry is conducting KNOW YOUR CLIENT (KYC) of all the Directors of all Companies annually through a form viz. DIR-3 KYC.
Accordingly, MCA has notified Companies (Appointment and Qualification of Directors) fourth Amendment Rules, 2018 and a new rule 12A has been inserted to provide for filing of Form DIR-3 KYC.
Every Director who has been allotted DIN as on or before 31st March, 2018. However, it is important that in case a DIN holder is not a Director in any Company then also, he is required to file the form.
KYC is the process of identifying and verifying the identity of Directors similar to the Bank KYC where Government intends to know the “Active” status of the Director and expects them to submit a yearly intimation.
For the current financial year (i.e 2018) DIR-3 KYC is required to be filed on or before August 31, 2018 and for all subsequent financial years, the same is required to be filed on or before 30th April.
There is no filing Fees for DIR-3 KYC , however if form filed after the due date as mentioned above, there shall be a penalty of Rs. 5000/- per form and in addition thereto, the central government is authorised to deactivate the DIN of director.
Yes, it is mandatory for disqualified director to file DIR-3 KYC.
Yes, it is mandatory for a designated partner as well as the requirement is of having a DIN that a DP has and not of appointment in any Company.