India turns to AI to expose shell companies

India’s ministry of corporate affairs (MCA) is turning to artificial intelligence (AI) and data analytics as key elements to expose shell companies.

The ministry is in the process of constructing what it describes as an advanced version of its MCA 21 portal on which companies will be required to file detailed data on their structure and ownership.

AI and data analytics

Corporate affairs secretary Injeti Srinivas has said that once the advanced MCA 21 portal is launched, it would be “almost impossible for a shell company to survive.”

“Surveillance with respect to compliance will be on auto pilot mode with AI and data analytics,” he said.

Continual development

Over recent years the ministry has been deregistering companies found to be repeatedly violating regulations.

The new advanced portal will be the third version of MCA 21, which was first introduced in 2006, and may be fully operational in the next year.

Categories: Trade Based Financial crimes News

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