The Institute of Chartered Accountants of India (ICAI) today said an online repository of independent directors to help individuals seeking such directorship as well as companies looking to appoint one for the position, has become operational.

The repository is a joint initiative of ICAI, the Institute of Company Secretaries of India (ICSI) and the Institute of Cost Accountants of India.

The repository comes in the backdrop of the Companies Act, 2013 mandating creation and maintenance of a database of independent directors.

"The portal would help to facilitate the individuals who are eligible and willing to act as Independent Directors and also facilitate companies to select persons who are eligible and willing to act as independent directors," ICAI said in a statement.

The portal is now operational and the URL of the portal is independentdirector.in, it added.

"This independent directors repository would be really beneficial and is a big opportunity to the members of the three professional institutes and other persons who are eligible and willing to act as independent directors," ICAI President K Raghu said.

The Institute of Cost Accountants of India President A S Durgaprasad said the portal would "give access to the large database of professionals to the companies enabling them to select independent directors as per their requirement".

Echoing the sentiment, ICSI President R Sridharan said the portal "would be mutually helpful to both, the individuals who are willing to act as independent directors as well the companies to select independent directors for their board".