Ministry of Corporate Affairs
To facilitate corporate growth with enlightened regulation.
To be responsive and sensitive to changes in the business environment and suitably formulate and modify corporate laws and regulatios from time-to-time
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.
- To provide simplified laws governing Corporate Sector and to facilitate effective compliances and enlightened regulatory regime
- 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.
- Effective enforcement of `Companies Act' and other Acts coming under the domain of MCA for better Corporate Regulation and Governance.
- Protection of Investor and Promotion of Investor Education and Awareness for growth of Corporate Sector in the country.
- To develop capacity building and secure policy advisory support through IICA.
- To Promote Competition.
- To disseminate Corporate Sector Data/Official Statistics as per National Data Sharing and Accessibilty Policy (NDSAP)
- Improving the functioning of Official Liquidators through application of e-Governance.
- 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
|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|