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Latest revision as of 19:39, 9 July 2021
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| Agency overview | |
|---|---|
| Jurisdiction |  Republic of India |
| Headquarters | Shastri Bhawan, New Delhi 28°36′50″N 77°12′32″E / 28.61389°N 77.20889°E |
| Agency executives |
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| Child agencies | |
| Website | www |
The Ministry of Corporate Affairs is an Indian government ministry. It is primarily concerned with administration of the Companies Act 2013, the Companies Act 1947, the Limited Liability Partnership Act, 2008, Insolvency and Bankruptcy Code, 2016 & other allied Acts and rules & regulations framed there-under mainly for regulating the functioning of the corporate sector in accordance with law.[1] It is responsible mainly for regulation of Indian enterprises in Industrial and Services sector. Ministry is mostly served by the civil servants of the ICLS 0cadre. These officers are being selected through Civil Services Examination conducted by Union Public Service Commission. Brilliant talent pool of the country serves MCA in different capacities. The highest post, Director General of Corporate Affairs (DGCoA) is being fixed at Apex Scale for the ICLS. The current Minister of State for Corporate Affairs is Nirmala Sitaraman.
Administration[edit | edit source]
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]
- Cost and Works Accountants Act, 1959 [As Amended By The Cost And Works Accountants (Amendment) Act, 2006]
- 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]
Autonomous Bodies[edit | edit source]
- Institute of Company Secretaries of India(ICSI)
- Institute of Chartered Accountant of India(ICAI)
- Indian Institute of Corporate Affairs(IICA)
- Institute of Cost and Management Accountants of India(ICMAI)
- Institution of Valuers(IOV)
Statutory Bodies[edit | edit source]
- Insolvency and Bankruptcy Board of India(IBBI)
- National Company Law Tribunal(NCLT)
- National Company Law Appellate Tribunal(NCLAT)
- Investor Education and Protection Fund Authority(IEPFA)
- National Financial Reporting Authority(NFRA)
- Competition Commission of India(CCI)
Attached Offices[edit | edit source]
List of Ministers For Corporate Affairs[edit | edit source]
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List of Ministers of State[edit | edit source]
| Minister of state | Portrait | Political party | Term | Days | ||
|---|---|---|---|---|---|---|
| Nirmala Sitharaman | 
|
Bharatiya Janata Party | 26 May 2014 | 9 November 2014 | 167 days | |
| Arjun Ram Meghwal | 
|
5 July 2016 | 3 September 2017 | 425 days | ||
| P. P. Chaudhary | Error creating thumbnail: File missing | 3 September 2017 | 30 May 2019 | 634 days | ||
| Anurag Thakur | 
|
30 May 2019 | Incumbent | 2633 days | ||
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See also[edit | edit source]
- Registrar of Companies, India
- List of company registers
- Indian Institute of Corporate Affairs
- Ministry of Cooperation (India)
- Ministry of Co-operation (India)
References[edit | edit source]
- ↑ http://www.mca.gov.in/MinistryV2/about_mca.html
- ↑ 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".
External links[edit | edit source]
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