The Ministry of corporate affairs is primarily related with the administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Partnership Act, 2008 & other allied Acts and rules & regulations framed there-under primarily for regulating the functioning of the corporate sector in accordance with law.
The Ministry is also undertaken for administering the Competition Act, 2002 to prevent practices having an adverse effect on competition, to promote and sustain competition in markets, to save the interests of consumers through the commission set up under the Act. Besides, it apply 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 Accountants of India (ICAI) which are constituted under three separate Acts of the Parliament for proper and orderly growth of the professions concerned.
The Ministry also has the undertaking of carrying out the functions of the Central Government relating to the administration of Partnership Act, 1932, the Companies (Donations to National Funds) Act, 1951 and Societies Registration Act, 1980.
The ministry administers the following acts:
- The Companies Act, 2013
- The Companies Act, 1956
- The Companies 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]
- 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 wrong work by corporations and is intended to avoid the accounting scandals such as the Satyam scandal which has plagued India. It came in place of 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 concerned matters (formulate amendments in the Act) under the Chairmanship of Dhanendra Kumar, former Chairman of Competition Commission of India.