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After Ministry of Corporate Affairs has mandated the “KYC” details of directors, latest by August 31, 2018, NSE has also issued a circular dated July 05, 2018, directing the listed entities to upload a copy of PAN alongside the details of every director. Listed entities should also note that any change in the aforesaid information/details has to be updated within 7 days of such change. Failure to adhere will be treated as non-compliance.

The aforesaid circular can be accessed at the following link:

NSE Circular Link

MCA has also issued Companies (Appointment and Qualification of Directors) Fourth Amendment Rules, 2018’: Format of e-Form DIR-3 KYC notified under Rule 12A (Directors KYC).

The due date for filing the e-Form DIR-3 KYC is on or before August 31, 2018, and should be certified by practicing professional. This process will also help in restoring the deactivated DINs of directors. The same is applicable with effect from July 10, 2018. Form DIR 3 KYC requires the personal information of the director. The applicant should fill up his personal E-mail ID and personal phone number where the OTP will come. In case of Indian nationals, Income-tax Permanent Account Number (Income-tax PAN) is mandatory in all cases even if there is no change in Income-tax PAN. In such cases, director details should be as per Income tax PAN. In case the details as per Income-tax PAN are incorrect, director / designated partner is advised to first correct the details in Income-tax PAN.

So along with the filing of DIR 3 KYC of the directors, the listed entities will also have to update the copy of PAN at NEAPS.

Furthermore, the word KYC still creates a confusion in the sense that “Customers” are for entities such as banks or stock brokers, but for a listed company, its “directors” are not “customers”. Know Your Directors or KYD would have been a proper term.

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June 2024