MCA V3 vs MCA V2 — What Changed for Indian D2C Founders

MCA V3 (July 2025) replaced PDF-based filings with XBRL — machine-readable financial data tagged at the line-item level. For founders this means your competitors' financials are now queryable as structured data.

What's structurally different

V2: PDF filings, manual extraction.
V3: XBRL tags every line — Revenue from Operations, EBITDA, Total Borrowings — queryable in bulk.
This enables real competitive benchmarking that was impractical before.

What Sylvr does with it

Nothing yet: Sylvr does not ingest MCA filings today, and reading them into Sylvr is being shaped on the roadmap.

Frequently Asked Questions

Are all companies on V3 yet?

Mandatory for listed and large private companies from July 2025. Small companies have a phased timeline through 2026–27.

Can I refuse to file in XBRL?

No, for entities above the threshold. Penalties for non-compliance are substantial.

Does V3 expose data I don't want public?

Only what was already public on V2. V3 doesn't expand the disclosure set; it makes existing disclosures machine-readable.