MINISTRY OF CORPORATE AFFAIRS

WE BRIEFLY UNDERSTOOD WHAT THE MINISTRY OF COMMERCE AND INDUSTRY IS ALL ABOUT. NOW KNOWING THE BASIS OF CORPORATE AFFAIRS MINISTRY WILL LEAVE US WITH CLARITY WITHOUT ANY CONFUSION BETWEEN THE TWO MINISRIES. SO WHAT DOES CORPORATE AFFAIRS MINISTRY DEAL IN? WHAT ARE THE MAIN FUNCTIONS? THE MINISTRY WORKS ON THE ADMINISTRATION OF THE COMPANIES ACT, PARTNERSHIP ACT AND OTHER ACTS AND REGULATES EVERY INDUSTRY OR SERVICE SECTOR IN FOLLOWING THEM. IT ALSO IS RESPONSIBLE FOR ADMINISTERING THE COMPETITION ACT, 2002 TO PREVENT PRACTICES HAVING ADVERSE EFFECT ON COMPETITION, TO SUSTAIN PROPER COMPETITION IN THE MARKETS AND TO PROMOTE THE INTERESTS OF THE COSTUMERS.

IT ALSO SUPERVISES THE PROFESSIONAL BODIES LIKE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA, INSTITUTE OF COMPANY SECRETARIES OF INDIA, INSTITUTE OF COST ACCOUNTANTS OF INDIA WHICH ARE CONSTITUTED UNDER THE SPECIAL ACTS OF THE PARLIAMENT FOR PROPER AND ORDERLY GROWTH OF THE PROFESSIONS CONCERNED.

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA IS THE WORLDS SECOND LARGEST ACCOUNTING BODY WHICH IS A STATUTORY BODY ESTABLISHED UNDER THE CHARTERED ACCOUNTANTS ACT, 1949. ACCORDING TO THE NEEDS OF THE ECONOMY, THERE IS A VAST GROWTH OF THE PROFESSION OF CHARTERED ACCOUNTS IN INDIA. THE MAIN RESPONSIBILITY OF THE ICAI IS TO ADMINISTER ALL THE CHARTERED ACCOUNTANTS IN ORDER TO PATH THE CORPORATES ON PROPER LINES FOLLOWING THE ACCOUNTING STANDARDS AND REDUCING THE PROBABILITY OF FRAUDS. THE SATYAM SCAM WHICH WAS THE RESULT OF MISAPPROPRIATION OF THE ACCOUNTS IS AN INSTANCE WHERE THERE WAS NO PROPER GUIDANCE OF THE C.A. THE LOSS OF SUCH SCAMS ARE OUT OF REACH OF NUMBERS. SO, IN ORDER TO AVOID SUCH SCAMS, THERE IS A NEED TO ADMINISTER THE ACCOUNTING PROCEDURES OF THE COMPANY WHICH IS TAKEN CARE OF BY ICAI UNDER THE MINISTRY OF CORPORATE AFFAIRS.

IN THE SAME WAY, THE INSTITUTE OF COMPANY SECRETARIES OF INDIA ADMINISTERS ALL THE COMPANY SECRETARIES OF THE CORPORATES. ALL THE COMPANY SECRETARIES SHOULD BE QUALIFIED OF THE EXAMINATION CONDUCTED BY THE ICSI. A COMPANY SECRETARY IS A PROFESSIONAL WHO GUIDES AND MANAGES THE CORPORATE AFFAIRS EFFICIENTLY. ALL THE COMPANY RULES AND LAWS ARE KNOWN TO THE CS AND HE GUIDES THE MANAGERS IN FOLLOWING THE RULES AND LAWS. IN THIS WAY, THE ENTIRE CORPORATE SECTOR IS KEPT UNDER CHECK BY THE MINISTRY OF CORPORATE AFFAIRS.


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