The ministry has invited proposals for funding up to Rs 50 lakh for research in various topics from integration of the MCA-21 database with other databases to a corporate governance index (CGI) and more, in a notification on Wednesday.
Corporate affairs secretary Injeti Srinivas, constituted an expert committee under the chairmanship of chief economic advisor KV Subramanian to identify areas of research where the MCA-21 registry could be used to further corporate growth from a macroeconomic perspective, as per the notification.
The MCA-21 was implemented by the ministry in 2006 whereby its services were made available online and companies could submit regulatory filings in digital format. The registry has thus become one of the most comprehensive sources of Indian corporate sector data.
“In this process, it has emerged as a repository of corporate sector data in India, which when used for research purposes, shall promote evidence-based policy making…The outcome of this research is to provide actionable policy inputs for the Ministry by utilization of the wealth of data available in the MCA-21 database,” it said.
The indicative list of topics provided by the ministry included a bankruptcy prediction model based on the financial statements of companies and a study of related party transactions to identify money laundering.
It also suggested the use of artificial intelligence and machine learning for insolvency forecasts and the study of accounting standards with respect to compliance and congruence with global standards.
As per the funding guidelines, institutions, organisations, agencies and individuals of academic repute or engaged in research in related domains may apply. The timeline for the proposed projects should be within 6 month but can be extended by the expert committee.