Ministry of Corporate Affairs

The Ministry of Corporate Affairs is an Indian government ministry. It is primarily concerned with administration of the Companies Act 2013, the Companies Act 1956, 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 Indian Corporate Law Service officers cadre (ICLS). These officers are being selected through Civil Services Examination Conducted by UPSC. Brilliant talent pool of the country serves MCA in different capacities. The highest post of DGCoA is being fixed at Apex Scale for the ICLS. The current Minister of State for Corporate Affairs is Nirmala Sitaraman.

Ministry of Corporate Affairs

Emblem of India
Agency overview
Jurisdiction	Republic of India
Headquarters	Shastri Bhawan, New Delhi 28°36′50″N 77°12′32″E
Agency executives	Nirmala Sitharaman, Minister of Corporate Affairs Anurag Thakur, Minister of State for Corporate Affairs
Child agencies	Registrar of Companies Serious Fraud Investigation Office (SFIO) Indian Institute of Corporate Affairs (IICA) Competition Commission of India National Company Law Tribunal (NCLT) National Company Law Appellate Tribunal (NCLAT)
Website	www.mca.gov.in

Administration

The ministry administers the following acts:

• The Companies Act, 2013
• The Companies Act, 1956
• Insolvency And Bankruptcy Code, 2016
• https://www.cci.gov.in/sites/default/files/cci_pdf/competitionact2012.pdf
• 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]
• 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 passed. It will regulate fraud by corporations 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

• Indian Institute of Corporate Affairs(IICA)
• National Foundation of Corporate Governance(NFCG)
• National Foundation of Corporate Social Responsibility(under IICA)

Professional Bodies

• Institute of Company Secretaries of India(ICSI)
• The Institute of Chartered Accountant of India(ICAI)
• Institute of Cost Accountants of India(ICoAI)

Statutory Bodies

• 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

• Serious Fraud Investigation Office(SFIO)

Current Key People

• Nirmala Sitaraman, Cabinet Minister
• Anurag Singh Thakur, Minister of State
• Injeti Srinivas, IAS, Secretary
• Alok Samantrai, ICLS, DGCoA

Ministers

• Fakhruddin Ali Ahmed (13 March 1967 - 27 June 1970) [6]
• H. R. Gokhale (05 February 1973 - 24 March 1977)
• K. Brahmananda Reddy (03 February 1977 - 24 March 1977)
• Shanti Bhushan (26 March 1977 - 28 July 1979)
• H. R. Khanna (30 July 1979 - 03 August 1979)
• S. N. Kacker (03 August 1979 - 14 January 1980)
• P. Shiv Shankar (14 January 1980 - 15 January 1982)
• Jagannath Kaushal (15 January 1982 - 31 October 1984)
• K. Vijaya Bhaskara Reddy (04 November 1984 - 31 December 1984)
• Rajiv Gandhi (31 December 1984 - 14 January 1985)
• Veerendra Patil (14 January 1985 - 25 September 1985)
• K. Vijaya Bhaskara Reddy (21 June 1991 - 09 October 1992)
• P. V. Narasimha Rao (09 October 1992 - 16 May 1996)
• Ram Jethmalani (16 May 1996 - 01 June 1996)
• P Chidambaram (01 June 1996 - 26 July 1996)
• M. Thambidurai (19 March 1998 - 08 April 1999)
• P. R. Kumaramangalam (09 April 1999 - 08 June 1999)
• Ram Jethmalani (08 June 1999 - 23 July 2000)
• Arun Jaitley (24 July 2000 -01 July 2002) (MoS, Independent Charge till 07 November 2000)
• Jaswant Singh (01 July 2002 - 22 May 2004)
• Prem Chand Gupta (23 May 2004 - 09 May 2007) (Company Affairs) (MoS, Independent Charge till 29 January 2006)
• Prem Chand Gupta (09 May 2007 - 22 May 2009) (Corporate Affairs)
• Salman Khurshid (28 May 2009 - 19 January 2011) (MoS, Independent Charge)
• Murli Deora (19 January 2011 - 12 July 2011)
• M. Veerappa Moily (12 July 2011 - 28 October 2012)
• Sachin Pilot (28 October 2012 - 26 May 2014)
• Arun Jaitley (26 May 2014 - 14 May 2018)
• Piyush Goyal (14 May 2018 - 22 August 2018)
• Arun Jaitley (23 August 2018 - 22 January 2019)
• Piyush Goyal (23 January 2019 - 15 February 2019)
• Arun Jaitley (15 February 2019 - 30 May 2019)
• Nirmala Sitharaman (30 May 2019- )

See also

• Registrar of Companies, India
• List of company registers
• Indian Institute of Corporate Affairs

References

1. http://www.mca.gov.in/MinistryV2/about_mca.html
2. 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.
3. "Parliament passes Companies Bill 2012(Update)". Yahoo! News India. ANI. 8 August 2013. Retrieved 16 August 2013.
4. "MCA draft - Ministry Of Corporate Affairs".
5. "Second Round of Consultations on the Revised Version of National Competition Policy Begins Tomorrow".
6. "Council of Ministers" (PDF).

External links

• Official website