Govt relaxes KYC rules for company directors, allows easier voluntary closure of state-run firms

The corporate affairs ministry has eased compliance norms for company directors by allowing them to file know-your-customer details once every three years instead of annually, with the change effective from March 31. Directors who have already completed their latest KYC will now need to file again only by June 30, 2028, while those who have not complied must reactivate their director identification numbers by March 31.