Central Scrutiny Centre and IEPFA’s Mobile App Launched

Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman, has launched Central Scrutiny Centre (CSC) and Investor Education and Protection Fund Authority (IEPFA) Mobile App. These tech-enabled initiatives were developed by Ministry of Corporate Affairs to strengthen vision of “Digitally Empowered India”.

Key Point

These two initiatives will help in creating a new corporate and investor friendly ecosystem. The ministry of corporate affairs will bring in more tech-enabled services to attain ease of doing business and ease of living for people. According to Finance Minister, Ministry of Corporate affairs has been engaged in digitisation, automation and improvement in order to extend support to society, economy, corporates and professionals. She also added that, around 1.38 lakhs companies have been incorporated as opposed to 1.16 lakhs companies last year by Central Registration Centre as of February 2021. Thus, registration has increased by over 17%.

Central Scrutiny Centre (CSC)

Central Scrutiny Centre would help in scrutinize certain Straight Through Process (STP) Forms filed by corporates on MCA21 registry. It would flag companies for more in-depth scrutiny. This scrutiny centre was established with the objective of ensuring that data quality remains uncompromised and free from any flaws. CSC would primarily scrutinise filings made by users under the straight through processes and identify data quality issues and irregularities.

IEPFA Mobile App

This Mobile App was launched with the aim of achieving goal of financial literacy and spreading awareness, education & protection among investors in rural as well as urban areas. The app will push for Ease of Living. It has been developed for citizen engagement and information dissemination in order to promote awareness among investors. The app comprises of facility to track status and progress of IEPF claim refund process. It also provides a mechanism for investors and common citizens in order to report on suspected fraudulent schemes.

Month: Current Affairs - March, 2021