Wednesday, 13 July 2016

Duties of Ministry Of Corporate Affairs (MCA)

The Ministry of Corporate Affairs("MCA") deals enforces law and order on all the Industrial and Service Company in India on the basis of the Companies Act 2013, Companies Act 1956, The Limited Liability Partnership Act 2008 and other related acts and rules & regulations. Framed under the guidelines of MCA, the act and rules & regulations were framed primarily to regulate companies under corporate sector in accordance with the Law.

Ministry of Corporate Affairs also administrates the competition act 2002 to prevent false practices in competition and to promote sustainable and healthy competition between the companies. Hence it also saves the interest of a common consumer from being depleted.

 Ministry of Corporate Affairs

Beside administrating companies and therefore maintaining law and order on the corporate enterprise, the MCA also supervises over three underlying professional bodies which were constituted under the Parliament to ensure a proper and orderly growth for the professions which all three bodies are concerned with.
MCA supervises the following three bodies
1.    Institute of Chartered Accountants of India (ICAI),
2.    Institute of Company Secretaries of India (ICSI) and
3.    Institute of Cost Accountant of India (ICAI).

The MCA also takes care of the administration of the Partnership Act 1932, the Company's’ (Donation to national funds) Act and Societies Registration Act 1980 and carries out all the functions of the Central Government which relates to above mentioned acts.

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