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Over 16.7 lakh DINs deactivated for non-compliance with KYC requirements

21 December, 2018 10:50 AM
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Over 16.7 lakh DINs deactivated for non-compliance with KYC requirements

Individuals having DINs are required to submit Know Your Customer details in electronic format under the Companies Act.

The government deactivated director identification numbers (DINs) of more than 16.7 lakh individuals till the end of November, as they failed to comply with KYC requirements.

Individuals having DINs are required to submit Know Your Customer (KYC) details in electronic format under the Companies Act.

"As on November 30, 2018, 16,71,167 DIN holders were deactivated due to non-filing of KYC," Corporate Affairs Minister Arun Jaitley said in a written reply to the Lok Sabha on December 21.

An individual whose DIN has been deactivated would not be able to make any filings on the MCA21 portal.

The portal is for making various filings required under the companies law.

The deactivated DINs are reactivated only after a particular electronic form is submitted along with the prescribed fee by the individual concerned.

Source: moneycontrol.com

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