The Ministry of Corporate Affairs is an

Indian government The Government of India (ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, ...

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 elected through the Civil Services Examination conducted by

Union Public Service Commission The Union Public Service Commission ( ISO: ), commonly abbreviated as UPSC, is India's premier central recruitment agency for recruitment of all the Group 'A' officers under Government of India. It is responsible for appointments to and exam ...

. 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 The Companies Act 1956 was an Act of the Parliament of India, enacted in 1956, which enabled companies to be formed by registration, and set out the responsibilities of companies, their directors and secretaries. It was repealed and replaced b ...

* Insolvency And Bankruptcy Code, 2016 *

The Competition Act, 2002 The Competition Act, 2002 was enacted by the Parliament of India and governs Indian competition law. It replaced the archaic The Monopolies and Restrictive Trade Practices Act, 1969. Under this legislation, the Competition Commission of India wa ...

* The Monopolies and Restrictive Trade Practices Act, 1969 *

The Chartered Accountants Act, 1949 The Chartered Accountants Act, 1949 is a statute enacted by the Constituent Assembly of India The Constituent Assembly of India was elected to frame the Constitution of India. It was elected by the 'Provincial Assembly'. Following India's ...

s amended by the Chartered Accountants (Amendment) Act, 2006 S, or s, is the nineteenth Letter (alphabet), letter in the Latin alphabet, used in the English alphabet, modern English alphabet, the alphabets of other western European languages and others worldwide. Its name in English is English alphab ...

* 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, 2006* Companies (Donation to National) Fund Act, 1951 *

The Indian Partnership Act, 1932 The Indian Partnership Act, 1932 was enacted in India in 1932. Provisions Under section 44(d) of the Act, a suit can be filed against the managing partner for dissolution of the partnership firm. THE INDIAN PARTNERSHIP ACT' 1932 Section.4 of ...

* 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 to introduce and legally sanction the concept of LLP in India. Unlike the general partnerships in India, LLP is a body corporate and legal entity separate from ...

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, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language ...

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

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 Dhanendra Kumar (born 1946) is a civil servant who was the first Chair of Competition Commission of India (CCI). Kumar formerly served as Executive Director at World Bank. Biography Born in 1946, Kumar joined the Indian Administrative Service ...

, 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 ...

Training Academies

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

National Apex Bodies

* Institute of Chartered Accountant of India *

Institute of Company Secretaries of India The Institute of Company Secretaries of India (ICSI) is a premier national professional body in India under the ownership of Ministry of Corporate Affairs, Government of India with the objective of promoting, regulating and developing the prof ...

* Institute of Cost and Management Accountants of India *

Institution of Valuers The Institution of Valuers (IOV) is a national valuation body for licensing and regulation of the valuation professionals in India specialized in various disciplines and various kinds of assets. It is under the ownership of the Ministry of ...

Statutory Professional Body

All India Management Association All India Management Association (AIMA) is the national apex body of the management profession in India. A not for profit, non-lobbying organisation, working closely with Industry, Government, Academia and students to further the cause of the m ...

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 organizations in the jurisdiction they operate under. A statistical business register has a different purpose than a company register. While a commercial/trade register serves a purpose of protection, account ...

Administration

Training Academies

National Apex Bodies

Statutory Professional Body

Statutory Bodies

List of Ministers For Corporate Affairs

List of Ministers of State

See also

References

External links