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E-Form MGT-7 Signing Limits - for Company Secretaries in Practice
The ICSI has introduced limits on the number of E-form MGT-7 filings a Company Secretary in Practice can sign per financial year, effective from April 1, 2025. Here's a quick recap of the new restrictions and guidelines:
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E-Form MGT-7 Signing Limits: The ICSI has set new guidelines effective from April 1, 2025, capping the number of E-form MGT-7 annual returns a Company Secretary in Practice can sign.
- For Company Secretaries in Practice: A maximum of 75 companies per financial year.
- For Peer Reviewed Company Secretaries: A maximum of 125 companies per financial year.
Company Secretaries in Practices can sign for a maximum of 75 companies annually, while Peer Reviewed Company Secretaries in Practices have a limit of 125. Adherence to ICSI UDIN Guidelines, 2019, is mandatory, with adjustments to be made in the UDIN portal. The Institute emphasized proper UDIN generation to avoid violations under the Company Secretaries Act, 1980. This is a significant update for Company Secretaries in Practice.
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Mandatory UDIN Compliance: Generating a Unique Document Identification Number (UDIN) remains compulsory. Company Secretaries must ensure compliance with the ICSI UDIN Guidelines, 2019, as errors in UDIN generation have been observed by the Institute.
Company Secretaries in Practices can sign for a maximum of 75 companies, and Peer Reviewed CSPs for up to 125 companies. The regulation includes stricter UDIN generation practices, with updates to the UDIN portal. ICSI has raised concerns about incorrect UDIN generation, emphasizing adherence to guidelines to avoid violations. These limits will apply starting from the financial year commencing on 1st April 2025.
These changes align with Section 92(1) of the Companies Act, 2013, and aim to improve professionalism and compliance standards. UDIN generation accuracy remains critical, with violations of ICSI UDIN Guidelines attracting serious consequences.
