Ever thought if it is possible to carry out everything from proposal to authorization online? Wondered if document verification and signing would be hassle-free and seamless? Yes, it is possible! You heard it right and loud. It is possible through digital signature technology from a digital signature provider. The digital signature process makes electronic document signing simple and impeccable. To obtain a digital signature, digital signature companies have to register for DSC registration services with the Ministry of Corporate Affairs (MCA). The MCA will provide Digital Signature Certificates (DSC) after verifying the authenticity of the DSC signer service provider. The esignature services are legally valid throughout India. They are approved by MCA under the Information Technology (IT) Act, 2000. The digital signature services use encrypted technology over a secured network making them safe and secure.
Understanding Digital Signature Technology
Digital signature technology is based on public-key cryptography. The digital signature process uses a private key to encrypt the message, document, and signature from the sender. The message, document, and signature are then decrypted by the receiver using the public key of the sender. This makes esignature services secure by ensuring confidentiality, truthfulness, validation, and non-denial.
The digital signature provider combines robust AI and ML algorithm with digital signature technology. This makes it fool-proof and user friendly. Deployment of AI and ML technology is prominent in signing, sending, and verifying the documents and signature. It makes the life of both the sender and receiver easier. The sender can sign and send the document anytime, anywhere and on any device with the internet. The receiver can verify it at a convenient time and place through any device. This makes the digital signature process seamless and hassle-free.
Roles and Responsibilities of MCA in DSC Registration Services
Ministry of Corporate Affairs provides DSC certificate (Digital Signature Certificate) registration services based on the designation and rank held in the office by a person. The registration process is different for different category and ranks of the signatory. The classification is as follows:
1. Directors at one level;
2. manager, secretary, CEO, and CFO at second level; and
3. practising professional at third level.
After the completion of registration, MCA performs a role check for each one of them. MCA either approves or rejects the registration based on the information provided. If the registration is approved by MCA, it issues a DSC certificate for the particular role.
MCA appoints Application Service Provider (ASP) and eSign Service Provider (ESP). MCA authorises ASP to integrate eSign service with their corporate application. This enables the DSC signer service provider to generate an electronic signature. ESP is the Certifying Authority (CA) that verifies the signature of all the parties involved in signing the document. It approves their digital signature after verification with their original signature provided at the time of registration with MCA.
MCA levies digital signature cost for each and every Digital Signature Certificate provided based on their role at the time of registration. MCA has authorized the ESP who is also the CA to fix the digital signature price range based on the class and role of the signatory. The digital signature price also differs from individuals to organisations. The digital signature price range also varies based on its period of validity.
Interfacing Application Service Provider with Digital Signature Provider
The digital signature technology provided by ASP has to interface their application with an ESP. This makes them certified authorities and thereafter known as digital signature provider. The ASP has to interface with ESP to verify the digital signature on the documents. Whenever your customers or concerned parties sign a document, the ESP processes it. The signatories will have to authorize their signature by entering the OTP sent to their registered mobile number on the application of ASP. The ASP application sends the details to ESP. The ESP then verifies the signature with the original signature provided while obtaining DSC and confirms it with the ASP. The ASP then verifies the submitted documents and appends the signature to the documents. This process makes electronic document signing much faster, simpler, and easier.
Lawfulness of eSignature
According to the Information Technology (IT) Act, 2000:
1. eSignature is valid throughout India.
2. Electronic signatures are acceptablw and are deemed as legal as wet signatures.
3. The electronic documents signed with electronic signatures are equivalent to documents signed with wet signatures.
Application of DSC in eSign Aadhaar Services
By verifying the KYC details of the signatories from the Aadhaar database, users can use the DSC. To avail of this service, the signatories must have a valid Aadhaar card. The signatories must enter their Aadhaar number on the application of the ASP. After selecting the checkbox, they can sign their documents using eSign Aadhaar Services. They also agree that the CA can verify their digital signature with the Aadhaar database. The CA can share the information required for KYC verification.
After submitting the details, they receive an OTP on their registered mobile number and then they can authorize the transaction. After authorization, the ASP sends them to CA for verification. The CA verifies the digital signature of the signatories and approves it if it is valid. After approval from CA, the ASP appends the signature to the digital document after verifying the document.
Benefits of Digital Signature Technology
1. It is safe, secure, reliable, and convenient.
2. It saves time and resources.
3. It is environment friendly as it is paperless.
Digital signature technology makes electronic document signing safe, secure, easy, and simple. You can apply it for signing any type of documents. The range of docs for digital signing includes business proposals, agreements, buy and lease of properties, KYC verification, and so on. It eases the onboarding of your customers, business partners, and employees.