Government relaxes directors' KYC, eases state firm closures
Change
The corporate affairs ministry reduced directors' KYC filings to once every three years, effective March 31, and amended rules to allow easier voluntary closure of sick government companies via the C-PACE system.
Why it matters
Directors will submit a simplified KYC form once every three years instead of annually. The relaxation takes effect on March 31. Directors who have completed their latest KYC have the next filing due by June 30, 2028. Directors who have not completed KYC are subject to DIN re-activation under existing provisions by March 31. Rules were amended to permit easier voluntary closure of sick government companies through the centralized C-PACE electronic system.
Implications
- • Registered directors' compliance workflows shift from annual to triennial filing cycles.
- • Directors who completed the latest KYC have a deferred next filing date of June 30, 2028.
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