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DIN KYC Filing | Annual filing of Director KYC with the ROC

The article provides a comprehensive overview of Director KYC filing, a mandatory legal requirement for individuals associated with company director positions in India. The article explains the legal provisions and processes involved in Director KYC filing, including the required information and documents. The benefits of timely compliance are also highlighted, such as avoiding deactivation and potential penalties, enhancing transparency and corporate governance, and building trust with stakeholders and investors. The learning objective of this article is to help individuals understand the importance of KYC compliance and how to ensure smooth compliance to avoid potential hassles.

BRIEF SUMMARY

Demystifying Director KYC Filing: A Legal Deep Dive

Any aspiring or existing director in India must understand the importance of Know Your Customer (KYC) compliance. It’s not just a bureaucratic hurdle but an essential element of corporate governance and transparency. In this article, we will help you navigate the maze of Director KYC filing by dissecting the relevant legal provisions and offering practical insights.

The Legal Mandate

The process of filing Director KYC is governed by Rule 12A of the Companies (Appointment and Qualification of Directors) Rules, 2014. According to this rule, every individual who holds a Director Identification Number (DIN) on March 31st of a financial year must submit their KYC details online using Form DIR-3 KYC before September 30th of the following year. If you fail to comply with this rule, your DIN may be deactivated, and you may incur additional fees, which can hinder your directorship aspirations.

Who Needs to File?

The rule applies to every individual with an active Director Identification Number (DIN), including directors of companies registered under the Companies Act 2013 and individuals who hold DINs but are not currently associated with any company or LLP. As DIN filing is an annual compliance requirement, those allotted DIN numbers during the previous financial year, i.e. up to March 31st of the last financial year, must file the DIN KYC.

What Information or document is filed or Covered?

The DIR-3 KYC form requires complete information such as personal details like name, date of birth, father’s name, and permanent and present address. It also requires contact details such as email address and mobile number. Identification documents like PAN, Aadhaar, and passport (only for foreign nationals) are also needed. Educational qualifications, professional experience and directorships held in other companies are also included in the form. To complete the form accurately, ensure you have readily available copies of the required documents, such as your PAN card, Aadhaar card, and proof of address.

Due Date and Consequences of Non-Filing

The due date for filing Director KYC is September 30th of the following financial year for individuals who hold a Director Identification Number (DIN) on March 31st of the previous financial year. Non-filing of the KYC can result in the deactivation of the DIN, which can lead to various challenges, including the inability to be appointed as a director in any company and additional fees of Rs. 5000/- for reactivating the DIN. Further, non-compliance with the mandatory requirement can also attract penalties and affect the reputation and credibility of the individual and the company. Therefore, timely compliance with Director KYC filing is critical to avoid unnecessary inconvenience or penalties.

How We Help!

Setindiabiz is a leading professional services provider that specialises in corporate compliance and advisory services. Setindiabiz can assist you in filing the DIN KYC with ease and accuracy. With a team of experienced professionals who are well-versed in the legal provisions and procedures involved in Director KYC filing, Setindiabiz ensures timely and hassle-free compliance. From collecting and verifying the required information and documents to filling out the DIR-3 KYC form and submitting it online, Setindiabiz can handle the entire process on your behalf. By choosing Setindiabiz, you can be assured of staying compliant and avoiding any potential penalties or deactivation of your DIN.

Any individual associated with company director positions in India must file Director KYC. This legal requirement can be fulfilled smoothly by understanding the relevant provisions and following the outlined procedures. Remember, timely KYC filing is crucial to safeguard your DIN status and contribute to a more transparent and responsible corporate ecosystem. We hope this blog has helped you understand the Director KYC filing process better. If you have any further queries or require assistance with filing, do not hesitate to seek professional guidance from experienced chartered accountants or legal advisors.

Conclusion

Director Identification Number (DIN)

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