The Ministry of Corporate Affairs has issued a circular on the 28th of September, 2022, extending the deadline for submitting the DIR-3 KYC and DIR-3 WEB KYC forms, upto October 15, 2022. Earlier, the deadline for the forms was September 30th, 2022.
What is the DIR-3 KYC & the DIR-3 WEB KYC form?
The DIR-3 KYC form is submitted to the Ministry of Corporate Affairs, for updating the KYC details of the directors. Every director who has received a Director Identification Number or DIN is required to file the DIR 3 KYC form. The sole purpose of filing the form is to maintain the updated records of the directors of companies incorporated in India.
Now, before moving forward, let us first discuss what DIN actually is?
Director Identification Number or DIN is a unique 8 digit number allotted to an individual who aspires to become a Director in a company. In other words, no individual can be appointed as a director unless he possesses a Director identification number.
This unique number is obtained by filling out eForm DIR-3 and submitting it to the Ministry of Corporate Affairs, along with documents like the PAN card, Identity proof, and address proof of the applicant. Once obtained, the director identification number has a lifetime validity, with the requirement of regularly renewing it.
Now that you know what DIN is?.... Let us understand the legalities of filing DIR 3 KYC
For Financial year 2018-19, a director who has been allotted DIN on or before 31st March 2018 and the status of such a DIN is ‘Approved’, needs to file form DIR-3 KYC, to update his KYC details, in the official records of the Ministry of Corporate Affairs, on or before 5th October 2018.
From Financial year 2019-20 onwards, every Director who has been allotted DIN on or before the end of the financial year, and whose DIN status is ‘Approved’, would be mandatorily required to file form DIR-3 KYC update of the current financial year, on or before 30th September of the immediately succeeding financial year.
It is this due date of September 30th, for the KYC update of the year 2021-22, that has been extended upto October 15th, 2022.
If the DIR 3 KYC has not been filed before the expiry of the due dates, then after the expiry of the due date, the records will mark all non-compliant DINs as ‘Deactivated due to non-filing of DIR-3 KYC”.
Who Should Submit Form DIR-3 KYC?
The recent Ministry of Corporate Affairs announcement stated that the Directors of all Indian Companies have to update their KYC information, by submitting form DIR 3 KYC, if they meet the following criteria:
- Their Director Identification Number (DIN) was assigned to them by 31 March, 2018 or later.
- The status of allotment of DIN shows as “Approved”
It should be noted that disqualified directors are also required to update their KYC and file form DIR 3 KYC on the prescribed date.
What Documents Do You Need to Fill Out This Form?
DIR 3 KYC form must be submitted along with documents and details like the applicant’s
- Nationality Details
- Details of Citizenship
- Date of Birth
- Gender
- Educational and Professional qualifications
- PAN Card
- Identity Proof
- Email ID
- Mobile Number
- Residential Address Proof
The applicant can provide any one document from among his Aadhar card, Voter ID, Driving License, or Passport. If the applicant is a foreign national, he can only give his passport as proof of his identity. As far as the address proof of the applicant is concerned, he can submit utility bills like water bill, electricity bill, postpaid telephone bill, or gas bill, not older than 2 months from the date on which it is being submitted.
In addition to the above-mentioned documents, the applicant must also have a Digital Signature Certificate to sign the web-based DIR 3 KYC form.
The form and the documents submitted with the form must also be verified and certified by independently practicing CA, CS, and Cost Accountants. For foreign nationals, an attestation by the specific authorized person is necessary.
DIR-3 KYC Form Fees
No fee is required to be paid, if Form DIR-3 KYC of the concerned financial year, is filed within the prescribed due date. However, if filed after the due date, a late fee of ₹5000 is payable for revoking the DIN status from “Deactivated” to “Activated”.