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: Companies Act, 2013 Companies Act, 1956 Insolvency and Bankruptcy Code, 2016 Competition Act, 2002 Monopolies and Restrictive Trade Practices Act, 1969 Chartered Accountants Act, 1949 [As amended by the Chartered Accountants (Amendment) Act, 2006] 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 Indian Partnership Act, 1932 Societies Registration Act, 1860 Companies Amendment Act, 2006 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. 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.
Training academies
Indian Institute of Corporate Affairs (Only for Union Civil Service Staff Training)
Statutory professional bodies Institute of Chartered Accountants of India Institute of Cost Accountants of India Institute of Company Secretaries 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 Serious Fraud Investigation Office
List of ministers for corporate affairs # NamePortraitTerm of office DurationPolitical party(Alliance)Prime Minister1R. K. Shanmukham Chetty15 August 19471949Indian National CongressJawaharlal Nehru2John Mathai194919503C. D. Deshmukh29 May 195019574T. T. Krishnamachari195713 February 19585Jawaharlal Nehru13 February 195813 March 19586Morarji Desai13 March 195829 August 19637T. T. Krishnamachari29 August 19631965Jawaharlal NehruLal Bahadur Shastri8Sachindra Chaudhuri196513 March 1967Lal Bahadur ShastriIndira Gandhi9Indira Gandhi19671971Indira Gandhi10Yashwantrao Chavan19711975Indian National Congress (R)11Chidambaram Subramaniam1975197712Haribhai M. Patel24 March 197724 January 1979Janata PartyMorarji Desai13Charan Singh24 January 197928 July 197914Hemvati Nandan Bahuguna28 July 197914 January 1980Janata Party (Secular)Charan Singh15R. Venkataraman14 January 198015 January 1982Indian National Congress (I)Indira Gandhi16Pranab Mukherjee15 January 198231 December 198417V. P. Singh31 December 198424 January 1987Rajiv Gandhi18Rajiv Gandhi24 January 198725 July 198719N. D. Tiwari25 July 198725 June 198820Shankarrao Chavan25 June 19882 December 198921Madhu Dandavate2 December 198910 November 1990Janata Dal(National Front)V. P. Singh22Yashwant Sinha10 November 199021 June 1991Samajwadi Janata Party(National Front)Chandra Shekhar23Manmohan Singh21 June 199116 May 1996Indian National Congress (I)P. V. Narasimha Rao24Jaswant Singh16 May 19961 June 1996Bharatiya Janata PartyAtal Bihari Vajpayee25P. Chidambaram1 June 199621 April 1997Tamil Maanila Congress(United Front)H. D. Deve Gowda26I.K. Gujral21 April 199722 May 2004Janata Dal(United Front)I. K. Gujral27Prem Chand Gupta22 May 200430 November 2008Indian National Congress(United Progressive Alliance)Manmohan Singh28H. R. Bhardwaj30 November 200824 January 200929Veerappa Moily26 June 201231 July 201230Sachin Pilot31 July 201226 May 201431Arun Jaitley26 May 201430 May 2019Bharatiya Janata Party(National Democratic Alliance)Narendra Modi32Nirmala Sitharaman30 May 2019Incumbent
List of ministers of state Minister of state Portrait Political party Term DaysBedabrata BaruaIndian National Congress196919701 yearNirmala SitharamanBharatiya Janata Party26 May 20149 November 2014Arjun Ram Meghwal5 July 20163 September 2017P. P. Chaudhary3 September 201730 May 2019Anurag Thakur30 May 20197 July 2021Rao Inderjit Singh7 July 2021Incumbent
See also Registrar of Companies, India List of company registers Indian Institute of Corporate Affairs Ministry of Cooperation (India) List of agencies of the government of India
References
External links