The Union Ministry of Corporate Affairs, 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 Databank, which was launched by Shri Injeti Srinivas, Secretary Ministry of Corporate Affairs is a pioneering 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.
Objectives
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 from the Ministry.
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 within 3 months from 01 December 2019.
They are also required to pass a basic online proficiency self-assessment test which will available from March 2020 onwards within 12 months thereafter. In order to provide sufficient practice to individuals, a number of online mock Tests have also been made available in the system. The real test can be taken online through a simple scheduling process. The real test would be remotely proctored.
