Injeti Srinivas. (File Photo: IANS). Image Source: IANS News

New Delhi, Dec 2 : The Ministry of Corporates Affairs (MCA) here on Monday launched the databank of independent directors with an aim to strengthen the institution of independent directors under the Companies Act.

The databank, launched by Injeti Srinivas, MCA Secretary, can be accessed at "www.mca.gov.in" or "www.independentdirectorsdatabank.in".

According to an official statement, the initiative provides a platform for the registration of existing independent directors as well as individuals aspiring to become independent directors.

"Companies also may register themselves with the databank to search, select and connect with individuals who possess the right skills and attitude for being considered for appointment as independent directors as the databank is expected to become a comprehensive repository of both existing independent directors as well as individuals eligible and willing to be appointed as independent directors," it said.

It also provides for 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 is 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 three months, from December 1.

They are also required to pass a basic online proficiency self-assessment test, which will available from March 2020 within 12 months thereafter.

To provide sufficient practice to individuals, a number of online mock tests has 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, the MCA said.

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