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ICSI advises Uploading MGT-8 Certification as Optional Attachment in Form MGT-7 on MCA V3 Portal

Posted on by Minakshi






ICSI Recommends Optional Upload of MGT-8 with MGT-7 on MCA V3 Portal



ICSI Suggests Optional MGT-8 Attachment with MGT-7 on MCA V3 Portal

In a recent advisory, the Institute of Company Secretaries of India (ICSI) has recommended that companies consider uploading the MGT-8 certification as an optional attachment while filing Form MGT-7 on the Ministry of Corporate Affairs (MCA) V3 portal. This recommendation aims to enhance transparency and streamline the compliance process.

Understanding Form MGT-7 and MGT-8

Form MGT-7 is the Annual Return form under the Companies Act, 2013, filed by companies annually with the MCA. It contains crucial information about the company’s operations, financial performance, and shareholding pattern. MGT-8, on the other hand, is a certificate issued by a Company Secretary in Practice, verifying the details provided in the Annual Return.

ICSI’s Representation to the MCA

Recognizing potential areas for improvement in the filing process, ICSI has already made a formal representation to the Ministry of Corporate Affairs. This representation seeks modifications to the layout of Form MGT-8, specifically concerning its alignment with the revised Form MGT-7. The goal is to ensure a smoother and more efficient compliance experience for companies operating in India.

What This Means for Companies

  • Uploading the MGT-8 certificate alongside Form MGT-7 can provide additional assurance to regulatory authorities regarding the accuracy of the information provided.
  • While currently optional, this practice could become increasingly important as the MCA continues to enhance its digital infrastructure and compliance monitoring.
  • Companies should stay informed about further updates and clarifications from both ICSI and the MCA regarding these filings.
Summary:

  • ICSI recommends optional uploading of MGT-8 with MGT-7 on MCA V3 portal.
  • ICSI has requested modifications to MGT-8 form layout for better alignment with MGT-7.
  • This aims to improve transparency and efficiency of annual compliance filings.
Key Takeaways:

  • Companies can proactively upload MGT-8 with MGT-7 for enhanced transparency.
  • ICSI is actively working with MCA to refine the filing process for MGT forms.
  • Staying updated on MCA notifications and ICSI advisories is crucial for compliance.
  • This move aligns with the government’s push for digital and transparent corporate governance.