Economy

Govt likely to give another chance to 21 lakh company directors to adhere to KYC rules: report

Updated : September 18, 2018 10:37 AM IST

The decision comes after a majority of over three million active directors failed to adhere to the norms.

Several organisations including The Institute of Chartered Account of India had approached the ministry with the request of extending the last date for filing.

The government is likely give another chance to 21 lakh company directors who have failed to comply with the ‘know your customer’ (KYC) norms, reported The Economic Times.

The government could give another 15 days for meeting the compliance norms or reduce the penalty for late filing, the report said citing an unnamed senior official.

The decision comes after a majority of over three million active directors failed to adhere to the norms after the corporate affairs ministry had decided to seek KYC for all 33 lakh active directors by September 15.

Earlier, several organisations including The Institute of Chartered Account of India had approached the ministry with the request of extending the last date for filing. Many had complained about the troubles of operating the site.

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Govt likely to give another chance to 21 lakh company directors to adhere to KYC rules: report

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