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Corporate ministry launched 1st of its kind independent director’s data bank; maintained by IICA

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On December 2, 2019 the secretary of ministry of corporate affairs (MCA), Shri Injeti Srinivas launched Independent Director’s Databank in accordance with the provisions of the Companies Act, 2013 and the rules made thereunder. Powered by integrated Learning Management System(LMS), the data bank was launched to strengthen the institution of independent directors under the companies act. It has been developed and will be maintained by Indian Institute for Corporate Affairs (IICA) and is a first of its kind by the corporate affairs ministry.Ministry launches independent director’s data bankDatabank access: The databank can be accessed through www.mca.gov.in or www.independentdirectorsdatabank.in to provide easy access for registration existing Independent Directors as well as individuals aspiring to become independent directors. All the existing Independent Directors are required to register themselves in the databank within 3 months from 01 December 2019 as per the notified rules.

Key Points:

i.Through integrated LMS, various video courses, e-learning capsules and videos are made available in the system. This will enable Individual users to easily acquire knowledge from diverse resources, develop distinct skills and assess their understanding of company operations, regulations and compliances.

ii.The courses will be on topics such as Companies Act, Securities laws, basic accountancy, board practices, board ethics and board effectiveness.

iii.Assessment: A basic online proficiency self-assessment test which will be available from March 2020 onwards within 12 months thereafter has to be taken by the person.

About Ministry of Corporate Affairs(MCA):
Headquarters- New Delhi.
Union Minister- Nirmala Sitharaman (Constituency-Karnataka).
Minister of State(MoS)- Anurag Singh Thakur (Constituency- Hamirpur, Himachal Pradesh).