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The introduction of the E-filing process by the MCA has resulted in an increase in the number of registrations filed. Moreover, e-filing has helped not just individuals but a number of other sectors as well including the ROC, Government agencies and banking and financial institutions.
1. Public:
The prime beneficiary of the introduction of such a system is the public. An increase in the economic activity in the country increased the number of registration of companies. Handling registration of companies manually in limited RoCs with limited staff made the process time-consuming. The automation of such processes helped the public or investors to access the office at anytime from anywhere.
2. ROCs:
ROCs have the benefit of avoiding handling paper works like manual sorting, storage, and retrieval. Manual verification and checking made the process too time-consuming involving more manpower. The Paper-based systems also required large space and document storage mechanisms.
3. Companies:
Physical presence of company representative was required for various activities earlier, and also companies were required to submit various documents and repeated documents every year. The introduction of e-filing and its database, help the investors to file duplicate files as any information required by ROCs can be retrieved at any time.
4. Government Agencies:
Various government agencies like RBI, Financial Intelligence Unit, Enforcement Directorate, Central Bureau of Investigations, CBDT, CBEC, Central Statistical Organization (CSO) etc. do not require to manually visit ROCs for any information on companies, as the login information and registration information can be shared with these agencies at the time of online registration itself.
5. Banks & Financial Institutions:
Another sector which benefited with this move are the banking and financial sector as officials from banks and financial institutions were required to visit the ROC offices on a regular basis to enquire about the charges and financial information of the companies, also this required a lot of paperwork. On the other hand, the ROC officials had to visit the bank for enquiring about the financial status of any organization. All these had been made simple with the introduction of e-filing system. Now, the payment gateways are also integrated with e-filing by using credit/debit cards and net banking facilities.
