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. 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 s amended by the Chartered Accountants (Amendment) Act, 2006 * The Company Secretaries Act, 1980 s amended by The Company Secretaries (Amendment) Act, 200

* The Cost and Works Accountants Act, 1959 s Amended By The Cost And Works Accountants (Amendment) Act, 200

* 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 Accounting scandals are business scandals that arise from intentional manipulation of financial statements with the disclosure of financial misdeeds by trusted executives of corporations or governments. Such misdeeds typically involve complex ...

such as the Satyam scandal which have plagued India. It replaces The Companies Act, 1956 which has proven outmoded in terms of handling 21st century problems. 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.