The government will give 15 days more to direct comply with KYC requirements by paying a reduced fee of Rs 500, a senior official said Thursday.
Nearly 21 lakh directors failed to submit the requisite details when the deadline set by the Corporate Affairs Ministry ended on September 15.
The ministry has already started de-activating the Director Identification Numbers (DINs) of individuals who did not submit the KYC (Know Your Customer) details. DIN is a unique number allotted to individuals who are eligible to have directorship on the boards of registered companies.
Directors can comply with KYC requirements by paying a reduced fee of Rs 500 for 15 days starting from September 21, the official told. The de-activated DINs would be re-activated by paying the requisite fee.
For the 15-day period, the fee amount has been reduced to Rs 500 from Rs 5,000. After this deadline, the individuals submitting the KYC details would have to pay a fee of Rs 5,000, the official added.
In June, the ministry decided to carry out KYC process for all directors, including those who have been disqualified. The last date for complying with the new norms by way of submitting form ‘DIR-3 KYC’ without fee ended on September 15.
Out of 33 lakh active directors, only around 12.15 lakh directors completed the KYC process by September 15. Around 21 lakh individuals failed to ensure compliance, an official had said. As per a message on the website of the ministry on Thursday, the last date for filing form DIR-3 KYC without fee expired on September 15.