Ministry of Corporate Affairs
| File:Government of India logo.svg Branch of Government of India | |
| File:Ministry of Corporate Affairs India.svg Ministry of Corporate Affairs | |
| Agency overview | |
|---|---|
| Jurisdiction | Government of India |
| Headquarters | Shastri Bhawan, New Delhi, India |
| Agency executives |
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| Website | www |
The Ministry of Corporate Affairs is an Indian government ministry primarily concerned with administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Partnership Act, 2008, and the Insolvency and Bankruptcy Code, 2016.[1] It is responsible mainly for the regulation of Indian enterprises in the industrial and services sector. The ministry is mostly run by civil servants of the ICLS cadre. These officers are selected through the Civil Services Examination conducted by Union Public Service Commission. The highest post, Director General of Corporate Affairs (DGCoA), is fixed at Apex Scale for the ICLS. The current minister is Nirmala Sitaraman.
Administration
The ministry administers the following acts:
- The Companies Act, 2013
- The Companies Act, 1956
- Insolvency And Bankruptcy Code, 2016
- The Competition Act, 2002
- The Monopolies and Restrictive Trade Practices Act, 1969
- The Chartered Accountants Act, 1949 [As amended by the Chartered Accountants (Amendment) Act, 2006]
- The Company Secretaries Act, 1980 [As amended by The Company Secretaries (Amendment) Act, 2006][1]
- The Cost and Works Accountants Act, 1959 [As Amended By The Cost And Works Accountants (Amendment) Act, 2006][2]
- Companies (Donation to National) Fund Act, 1951
- The Indian Partnership Act, 1932
- Societies Registration Act, 1860
- The Companies Amendment Act, 2006
- The Limited liability Partnership Act, 2008
In August 2013, The Companies Act, 2013 was passed to regulate corporations by increasing responsibilities of corporate executives and is intended to avoid the accounting scandals such as the Satyam scandal which have plagued India.[2] It replaces The Companies Act, 1956 which has proven outmoded in terms of handling 21st century problems.[3] The Ministry has constituted a Committee for framing of National Competition Policy (India) and related matters (formulate amendments in the Act) under the Chairmanship of Dhanendra Kumar, former chairman of Competition Commission of India.[4][5]
Training academies
National apex bodies
Statutory professional bodies
- Institute of Chartered Accountant of India
- Institute of Company Secretaries of India
- Institute of Cost and Management Accountants of India
- Institution of Valuers
- All India Management Association
Statutory bodies
- Competition Commission of India (CCI)
- Insolvency and Bankruptcy Board of India (IBBI)
- Investor Education and Protection Fund Authority (IEPFA)
- National Company Law Appellate Tribunal (NCLAT)
- National Company Law Tribunal (NCLT)
- National Financial Reporting Authority (NFRA)
- Registrar of Companies
- Serious Fraud Investigation Office
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List of ministers of state
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See also
- Registrar of Companies, India
- List of company registers
- Indian Institute of Corporate Affairs
- Ministry of Cooperation (India)
- List of agencies of the government of India
References
- ↑ "About MCA".
- ↑ Jen Swanson (15 August 2013). "India Seeks to Overhaul a Corporate World Rife With Fraud" ("Dealbook" blog). The New York Times. Retrieved 16 August 2013.
- ↑ "Parliament passes Companies Bill 2012(Update)". Yahoo! News India. ANI. 8 August 2013. Retrieved 16 August 2013.
- ↑ "MCA draft - Ministry Of Corporate Affairs".
- ↑ "Second Round of Consultations on the Revised Version of National Competition Policy Begins Tomorrow".