KYC filing norms or DIR-3 form requirement came in with the aim to curb fly by night companies as well as other dummy directors who actually do not exist. So as a result, 33 lakh directors in the country were required to file the online form whose deadline expired on September 15. But seeking the scenario where as many as 21 lakh directors did not complied with the norms, govt. extended it to October 5 but with a late fee of Rs. 500.
Until the previous allotted timeline, directors could do the process for free. The non-compliance resulted in the deactivation of DIN or director identification number using which directors can file papers on behalf of the company.
In the earlier case, the late filing of the KYC norm attracted Rs. 5000 as late fee.
The KYC form is nothing but a proforma in which the individual director is required to give in all relevant and requisite personal details. Details such as personal mobile number, e-mail, PAN and aadhaar are to be given. Plus there is a 30 second mandatory video verification in which the director has to introduce himself or herself by uploading the video.
Next year onwards such task will be done on annual basis while filing of the annual statements by the directors. It is to be noted that post the October 5 extension, the late filing fee will be Rs. 5000 and the requirement for abiding by the new KYC norm is for directors who are allotted DIN before March 31, 2018.
The rule also applies to other directors who had been earlier disqualified for going against the specified rules.