New Delhi: The Ministry of Corporate Affairs (MCA), 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 MCA said in a Press communication.
The Databank, which was launched by Injeti Srinivas, Secretary, Ministry of Corporate Affairs, accessible on the MCA website or independentdirectorsdatabank.in, is an 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 compliance, said the MCA.
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 MCA expects the Databank 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, the Ministry said adding that 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 by 1 March 2020 and pass an online proficiency self-assessment test within 12 months thereafter. The course will be available March 2020 onwards.
In order to provide sufficient practice to individuals, a number of online mock Tests have also been made available in the system, the Ministry said, adding that the real test can be taken online through a simple scheduling process and will be remotely proctored.
To register, the user must log into the website of the Ministry, where the user will be directed to the Databank and there must choose one of the Subscription Plans to access the e-learning and 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.