Govt to soon start work on corporate data management project

To ensure wider dissemination of companies' information in user-friendly formats, government plans to start implementation of corporate data management scheme soon.
The scheme, to be implemented by the Corporate Affairs Ministry, would also benefit various stakeholders including investors and regulators.
Data available in the MCA 21 -- the key platform for companies to submit the requisite documents and filings to the Registrar of Companies (RoC) -- would be utilised for implementing the scheme.
The idea is to "put out entire shareable information about companies into the public domain after transforming statutory information into statistical database," a source said.
Available corporate data would be broadly segregated on the basis of financial and non-financial aspects.

Having a corporate data management scheme would also help in ensuring "more transparency", the source said.

The project, expected to be started a central sector Plan scheme in the next financial year, would also look at removing inaccuracies in the raw data provided by companies.
Data cleaning is the critical process of detecting, correcting or removing inaccurate information from the database. It would involve activities such as identification of correct economic activity, rectification of misreported company finance data and estimating/collecting missing data for each company.
The Corporate Affairs Ministry is the repository of data related to entities registered under the Companies Act and the Limited Liability Partnership Act.

Meanwhile, major changes in the revised methodology for calculating Gross Domestic Product (GDP) include comprehensive coverage of corporate sector by incorporation of annual accounts of companies filed in MCA 21.
Partnership firms covered under LLP Act have also been covered.