Ministry of Corporate Affairs facts for kids

Quick facts for kids
Ministry of Corporate Affairs

Branch of Government of India
Ministry of Corporate Affairs
Agency overview
Jurisdiction	Government of India
Headquarters	Shastri Bhawan, New Delhi, India
Agency executives	Nirmala Sitharaman, Minister of Corporate Affairs Harsh Malhotra, Minister of State for Corporate Affairs

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:

• 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]
• The Cost and Works Accountants Act, 1959 [As Amended By The Cost And Works Accountants (Amendment) Act, 2006][2]
• 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. 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)

National apex bodies

• Indian Institutes of Management

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
• Serious Fraud Investigation Office

List of ministers for corporate affairs

#	Name	Portrait	Term of office		Political party (Alliance)		Prime Minister
1	R. K. Shanmukham Chetty		15 August 1947	1949	Indian National Congress		Jawaharlal Nehru
2	John Mathai		1949	1950
3	C. D. Deshmukh		29 May 1950	1957
4	T. T. Krishnamachari		1957	13 February 1958
5	Jawaharlal Nehru		13 February 1958	13 March 1958
6	Morarji Desai		13 March 1958	29 August 1963
7	T. T. Krishnamachari		29 August 1963	1965			Jawaharlal Nehru Lal Bahadur Shastri
8	Sachindra Chaudhuri		1965	13 March 1967			Lal Bahadur Shastri Indira Gandhi
9	Indira Gandhi		1967	1971			Indira Gandhi
10	Yashwantrao Chavan		1971	1975
11	Chidambaram Subramaniam		1975	1977
12	Haribhai M. Patel		24 March 1977	24 January 1979	Janata Party		Morarji Desai
13	Charan Singh		24 January 1979	28 July 1979
14	Hemvati Nandan Bahuguna		28 July 1979	14 January 1980	Janata Party (Secular)		Charan Singh
15	R. Venkataraman		14 January 1980	15 January 1982	Indian National Congress		Indira Gandhi
16	Pranab Mukherjee		15 January 1982	31 December 1984
17	V. P. Singh		31 December 1984	24 January 1987			Rajiv Gandhi
18	Rajiv Gandhi		24 January 1987	25 July 1987
19	N. D. Tiwari		25 July 1987	25 June 1988
20	Shankarrao Chavan		25 June 1988	2 December 1989
21	Madhu Dandavate		2 December 1989	10 November 1990	Janata Dal (National Front)		V. P. Singh
22	Yashwant Sinha		10 November 1990	21 June 1991	Samajwadi Janata Party (National Front)		Chandra Shekhar
23	Manmohan Singh		21 June 1991	16 May 1996	Indian National Congress		P. V. Narasimha Rao
24	Jaswant Singh		16 May 1996	1 June 1996	Bharatiya Janata Party		Atal Bihari Vajpayee
25	P. Chidambaram		1 June 1996	21 April 1997	Tamil Maanila Congress (United Front)		H. D. Deve Gowda
26	I.K. Gujral		21 April 1997	22 May 2004	Janata Dal (United Front)		I. K. Gujral
27	Prem Chand Gupta		22 May 2004	30 November 2008	Indian National Congress (United Progressive Alliance)		Manmohan Singh
28	H. R. Bhardwaj		30 November 2008	24 January 2009
29	Veerappa Moily		26 June 2012	31 July 2012
30	Sachin Pilot		31 July 2012	26 May 2014
31	Arun Jaitley		26 May 2014	30 May 2019	Bharatiya Janata Party (National Democratic Alliance)		Narendra Modi
33	Nirmala Sitharaman		30 May 2019	Incumbent

List of ministers of state

Minister of state	Portrait	Political party		Term		Days
Bedabrata Barua		Indian National Congress		1969	1970	1 year
Nirmala Sitharaman		Bharatiya Janata Party		26 May 2014	9 November 2014	167 days
Arjun Ram Meghwal				5 July 2016	3 September 2017	1 year, 60 days
P. P. Chaudhary				3 September 2017	30 May 2019	1 year, 269 days
Anurag Thakur				30 May 2019	7 July 2021	5 years, 209 days
Rao Inderjit Singh				7 July 2021	Incumbent	3 years, 171 days

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