Company Secretaries are currently facing a transformative phase with the implementation of MCA-21 Version 3 (V3). From 14 July 2025, all 38 e-forms have shifted from V2 to V3, bringing stricter timelines, more detailed disclosures, required DSC re association, duplicate data entries, and increased risk of penalties for delays. The need to re enter audit and board report details, associate DSCs with Business User IDs, and deal with more annexures means more workload and tighter schedules. Nevertheless, there are significant opportunities, especially in financial services and project finance. CSs are filling the gap between banks/funding institutions and clients - helping with documentation, compliance, structuring project proposals, and ensuring smooth communication.

 

They assist in financial disclosures to stakeholders - investors, lenders, regulators - making sure all numbers are consistent, audits are clean, financial statements are transparent. For NBFCs, CSs ensure compliance with RBI rules, timely filings, disclosures of material events etc. ICSI has played a constructive and proactive role in easing this transition. It has organised user awareness sessions (for example on annual filings via MCA V3) to educate CS members on new procedural and technical requirements.

 

It has also formally requested additional interactive sessions in key cities like Bengaluru and Delhi to ensure more CSs understand the new portal features and obligation In summary, MCA-V3 increases the compliance burden—but also elevates the value of CS professionals, especially those active in financial services. With continued support from institutions like ICSI, clear policies, and better awareness, this change can strengthen corporate governance and enhance the relevance of the CS profession.