The Ministry of Corporate Affairs is an

Indian government The Government of India (ISO: Bhārata Sarakāra, legally the Union Government or Union of India or the Central Government) is the national authority of the Republic of India, located in South Asia, consisting of 36 states and union territor ...

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 The Civil Services Examination (CSE) is a standardized test in India conducted by the Union Public Service Commission for recruitment to higher Civil Services of India, civil services in the Government of India, such as the All India Service ...

conducted by

Union Public Service Commission The Union Public Service Commission (UPSC) is a constitutional body tasked with recruiting officers for All India Services and the Central Civil Services (Group A and B) through various standardized examinations. In 2023, 1.3 million applica ...

. 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 2013 (No. 18 of 2013) is an Act of the Parliament of India which forms the primary source of Indian company law. It received presidential assent on 29 August 2013, and largely superseded the Companies Act 1956. The Act was ...

* 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 The Limited Liability Partnership Act, 2008 was enacted by the Parliament of India The Parliament of India (ISO 15919, ISO: ) is the supreme legislative body of the Government of India, Government of the Republic of India. It is a bicamera ...

In August 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 The Satyam Computer Services scandal was India's largest corporate fraud until 2010. The founder and directors of India-based outsourcing company Satyam Computer Services, falsified the accounts, inflated the share price, and stole large sums f ...

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 The Competition Commission of India (CCI) is the chief national competition regulator in India. It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, 2002 to promote competition a ...

Training academies

* Indian Institute of Corporate Affairs (Only for Union Civil Service Staff Training)

National apex bodies

Indian Institutes of Management The Indian Institutes of Management (IIMs) are Centrally Funded Business Schools for management offering undergraduate, postgraduate, doctoral and executive programmes along with some additional courses in the field of business administra ...

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 A company register is a register of business organizations such as companies in the jurisdiction they operate under. Registration is normally mandated by the government of that jurisdiction. A company register serves a purpose of protection, acco ...

Administration

Training academies

National apex bodies

Statutory professional bodies

Statutory bodies

List of ministers of state

See also

References

External links