Ministry of Corporate Affairs

Mr. Naved Masood
Secretary

Secretary's Profile

Past Secretaries:

Mr. D K Mittal
01-Feb-11 to 31-Jul-11

Mr. R Bandopadhyay
07-Sep-09 to 31-Jan-11

Mr. Anurag Goel
09-May-07 to 02-Sep-09

Vision

To facilitate corporate growth with enlightened regulation.

Mission

To be responsive and sensitive to changes in the business environment and suitably formulate and modify corporate laws and regulatios from time-to-time

Departmental Website

The Ministry is primarily concerned with administration of the Companies Act, 1956, other allied Acts and rules & regulations framed there-under mainly for regulating the functioning of the corporate sector in accordance with law. The Ministry is also responsible for administering the Competition Act, 2002 which will eventually replace the Monopolies and Restrictive Trade Practices Act, 1969 under which the Monopolies and Restrictive Trade Practices Commission(MRTPC) is functioning. Besides, it exercises supervision over the three professional bodies, namely, Institute of Chartered Accountants of India(ICAI), Institute of Company Secretaries of India(ICSI) and the Institute of Cost and Works Accountants of India (ICWAI) which are constituted under three separate Acts of the Parliament for proper and orderly growth of the professions concerned. The Ministry also has the responsibility of carrying out the functions of the Central Government relating to administration of Partnership Act, 1932, the Companies (Donations to National Funds) Act, 1951 and Societies Registration Act, 1980.

  1. To provide simplified laws governing Corporate Sector and to facilitate effective compliances and enlightened regulatory regime
  2. On line delivery of all registry related services with speed, certainty and transparency, access to public information and effectively monitoring of statutory compliance by the companies.
  3. Effective enforcement of `Companies Act' and other Acts coming under the domain of MCA for better Corporate Regulation and Governance.
  4. Protection of Investor and Promotion of Investor Education and Awareness for growth of Corporate Sector in the country.
  5. To develop capacity building and secure policy advisory support through IICA.
  6. To Promote Competition.
  7. To disseminate Corporate Sector Data/Official Statistics as per National Data Sharing and Accessibilty Policy (NDSAP)
  8. Improving the functioning of Official Liquidators through application of e-Governance.
  9. Developing and strengthening capabilities in SFIO.
Outcome/ Impact of department/ ministry Jointly responsible for influencing this outcome / impact with the following department (s) / ministry(ies) Success Indicator Unit FY 11/12 FY 12/13 FY 13/14 FY 14/15 FY 15/16
1. Enhanced investor confidence   Creation of a dynamic portal for lodging the complaints for early resolution of grievances. Date     31-3-2014    
2. Improvement Business regulatory environment   Publiction of basic Corporate Sector Statistical Reports w.r.t. categories, classification, time series etc. on the Ministry's Data Dissemination Portal Date     31-7-2013    
    Analysis of Data uploaded by Companies relating to unpaid and unclaimed amounts of investors as also to finalise a list of companies not complying with the provisions of the Companies Act. Date     31-12-2013    
    To provide search faciltiy on MCA 21 system, to enable the investors to obtain details of prosecution cases pending against a Company or Director   Date   31-12-2013    
3. Enhanced regulatory compliances   Increased mandatory filings No.     TBD    
   
Usage of XBRL data for technical scrutiny for early warning system to detect frauds, diversion of funds,
redressal of investor grievances of serious nature, Corporate Governance
Date     31-1-2014    
4. Effective enforcement to prevent Corporate Frauds   Preparing a comprehensive framework for fraud prediction, developing a fraud prediction model and training of officers in cyber forensic. Date     31-10-2013    

 

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