Ministry of Corporate Affairs operationalises Central Processing Centre for Centralised Processing of Corporate Filings - (16 Feb 2024)

Company

On the lines of continuous endeavour to provide Ease of Doing Business and in pursuance to Union Budget Announcement 2023-24, Central Processing Centre (CPC) has been established to process forms filed as part of various regulatory requirements under Companies Act and Limited Liability Partnership Act (LLP Act) in a centralised manner, requiring no physical interaction with the stakeholders. Over the past many years, the Ministry of Corporate Affairs has taken several steps towards Ease of Doing Business. An important part of the EoDB has been initiatives taken towards ease of entry in terms of quicker incorporation of companies.

12 forms/applications will be processed at CPC from 16th February, 2024; followed by other forms from 1st April, 2024 onward. CPC will process applications in time-bound and faceless manner on the lines of Central Registration Centre (CRC) and Centralised Processing for Accelerated Corporate Exit (C-PACE). Forms/applications filed under LLP Act are also proposed to be centralised. Based on filing trends, it is expected that about 2.50 lakh forms will be processed through CPC annually, once it is fully operational.

The Central Registration Centre (CRC), Centralised Processing for Accelerated Corporate Exit (C-PACE), and CPC will ensure speedy processing of applications and forms filed for incorporation, closure and for meeting regulatory requirements so that the companies are incorporated, closed, can alter and raise capital, and are able to complete their various compliances under the corporate laws with ease. After the establishment of CPC, jurisdictional Registrar of Companies (RoC), will have to focus more on their core functions of inquiries, inspection and investigation for ensuring robust corporate governance.

Tags : CORPORATE FILINGS CPC OPERATIONS