The Ministry of Corporate Affairs, with the objective of strengthening the institution of Independent Directors under the Companies Act, launched today the Independent Director’s Databank in accordance with the provisions of the Companies Act, 2013 and the rules made thereunder.
The Databank, which was launched by Shri Injeti Srinivas, Secretary Ministry of Corporate Affairs, can be accessed at www.mca.gov.in or www.independentdirectorsdatabank.in, is a pioneering initiative of the Ministry to provide an easy to access & navigate platform for the registration of existing Independent Directors as well as individuals aspiring to become independent directors.
Powered by an Integrated Learning Management System, the various e-learning capsules and videos available in the system will enable Individual users to easily acquire knowledge from diverse resources, develop distinct skills and assess their understanding on company operations, regulations and compliances. Companies also may register themselves with the databank to search, select and connect with individuals who possess the right skills and attitude for being considered for appointment as Independent Directors as the Databank is expected to become a comprehensive repository of both existing independent directors as well as individuals eligible and willing to be appointed as Independent Directors.
The Databank portal which has been developed and will be maintained by the Indian Institute for Corporate Affairs (IICA), is a first of its kind initiative from the Ministry. It provides for a wide array of e-learning courses on various topics including the Companies Act, Securities laws, basic accountancy, board practices, board ethics and board effectiveness. A number of value added services are expected to be rolled out through the portal for capacity building of Independent Directors.
As per the notified rules, all existing Independent Directors are required to register themselves in the databank within 3 months from 01 December 2019.
They are also required to pass a basic online proficiency self-assessment test which will available from March 2020 onwards within 12 months thereafter. In order to provide sufficient practice to individuals, a number of online mock Tests have also been made available in the system. The real test can be taken online through a simple scheduling process. The real test would be remotely proctored.
The registration process has been specifically designed to be quick and simple and has been divided into three simple steps:
- Log in through the user account on the Website of the Ministry
- Upon log in the user will be directed to the Databank
- Choose one of the Subscription Plans to access the e-learning and the e-proficiency assessment modules
On the occasion, a publication named “Independent Directors Databank-Handbook covering key objectives, empanelment/registration process of individual or corporate and the knowledge resources available on the portal was also released.