Ministry of corporate affairs (MCA) has launched a data bank of independent directors. This databank will be a place where data of all the existing independent directors and individuals aspiring to become independent directors shall be maintained and will be available to the companies those are registered.The existing independent directors are required to register themselves with the data bank within three months from December 1. Independent directors shall pass a basic online proficiency self assessment test. This test will be available from March 2020 and shall be available for 12 months thereon.
As per an official statement ” 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”. Section 150 of The Companies Act, 2013 , provides for selection of independent director from databank which may be notified by the government. The data bank is established under this section of the act.
It is also a platform for e-learning courses on various topics , including companies act, securities law, basic accounting, board practices, board ethics and board effectiveness. The databank portal shall be maintained by the Indian Institute of Corporate Affairs (IICA). The databank can be accessed at ‘www.mca.gov.in’ and ‘www.independentdirectorsdatabank.in’.