What It Does: It is responsible mainly for the regulation of Indian enterprises in the Industrial and Services sector.
The MCA Story
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 scandals which have plagued India. It replaces The Companies ACT 2016 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 Dhanedra Kumar former Chairman of Competition Commission Of India.
The Ministry is primarily concerned 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 mainly for regulating the functioning of the corporate sector in accordance with the law.
The Ministry is also responsible for administering the Competition Act, 2002 to prevent practices having an adverse effect on competition, to promote and sustain competition in markets, to protect the interests of consumers through the commission set up under the Act.
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 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 responsibility 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.
To be a facilitator of world-class governance of corporates
Continuously strive to Transform regulatory environment for easy compliance, Balance competing interests of various stakeholders, and build & strengthen institutions for achieving excellence in service delivery