The Ministry of Corporate Affairs has launched the independent director’s databank. All existing independent directors are required to register themselves in the databank within three months from December 1.
The databank portal has been developed and will be maintained by the Indian Institute for Corporate Affairs (IICA). The present independent directors are also required to pass a basic online proficiency self-assessment test which will available from March 2020, an official statement said on Monday.
The databank can be accessed at www.mca.gov.in or www.independentdirectorsdatabank.in. It is aimed at providing access and navigate platform for the registration of existing independent firectors as well as individuals aspiring to become independent directors.
The websites also have an Integrated Learning Management System. The system is meant to act as e-learning capsules to enable individual users to easily acquire knowledge from diverse resources, develop distinct skills and assess their understanding on company operations, regulations and compliances.
“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,” the statement added.