Ministry of Corporate Affairs
The Ministry is primarily concerned with 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 law.
The Ministry is also responsible for administering the Competition Act, 2002 to prevent practices having 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 administration of Partnership Act, 1932, the Companies (Donations to National Funds) Act, 1951 and Societies Registration Act, 1980.
http://www.mca.gov.in
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The Indian Institution of Valuers (India)
- It is a professional body of Engineers, Architects, Arbitrators, Lawyers, surveyors and Loss Assessors with a view to promote and advance the professional practice of Engineering and Valuation.
Regd. Under Societies Registration Act. XXI of 1860
An Institution Enlisted with Indian Banks’ Association ( IBA ) & National Housing Bank ( NHB )
- A Partnership Firm, Planning Commission, Govt. of India
- Accredited Institution of Universal Accreditation Organization
The Indian Institution of Valuers (India) was established as per provisions of the constitution of India and under the guidance of eminent educationalists and professionals. The I.I.V. Pune under the Govt. of India Act is an autonomous body and enjoys statutory status under the constitution of India, for the right of education/ training and its administration.
I.I.V. was constituted in 2004 as a professional body of Engineers with a view to promote and advance the professional practice of Engineering and Valuation. I.I.V. with its headquarters in Pune is administered by the National Council of Valuers.
IIV(India) is the rallying point for Enterprises/ Business Firms / Technical Firms in India. It has improved Indian Business, in changing times.
IIV (India) has enabled Engineers to show their talent and competitiveness. It has enhanced their global reach.
With Nationalized Membership of over 3000 individuals and over 1000 Business associations, IIV gives strong support to the Indian Associates and automatically helps the Banking and Financial sector of India.
It imparts professional education to the aspirants as well as the persons already engaged in the valuation business. This is achieved through Professional Education Courses, Organizing Seminars and conferences. This ensures updating and development of technical and professional knowledge of fellow members. Also, I.I.V. represents and interacts with all concerned local, Government and other statutory authorities to define suitable norms for the responsibilities of valuation practitioners and seek redressal of their grievance if any.
IIV has Maintained the lead as it has started the Valuation Curses for the Student, Professionals, Technocrats and other disciplines also. IIV is the world’s first ISO 9001-2000 Certified Institute of its Type. It also a Member of (FICCI).
http://iivindia.org
The Institute of Chartered Accountants of India
The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No.XXXVIII of 1949) for regulating the profession of Chartered Accountancy in the country. The Institute, functions under the administrative control of the Ministry of Corporate Affairs, Government of India. The ICAI is the second largest professional body of Chartered Accountants in the world, with a strong tradition of service to the Indian economy in the public interest.
The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. The Council constitutes of 40 members of whom 32 are elected by the Chartered Accountants and remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Securities and Exchange Board of India, Ministry of Corporate Affairs, Ministry of Finance and other stakeholders.
Over a period of time the ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for maintaining highest standards in technical, ethical areas and for sustaining stringent examination and education standards. Since 1949, the profession has grown leaps and bounds in terms of members and student base.
Regulate the profession of Accountancy
Education and Examination of Chartered Accountancy Course
Continuing Professional Education of Members
Conducting Post Qualification Courses
Formulation of Accounting Standards
Prescription of Standard Auditing Procedures
Laying down Ethical Standards
Monitoring Quality through Peer Review
Ensuring Standards of performance of Members
Exercise Disciplinary Jurisdiction
Financial Reporting Review
Input on Policy matters to Government
https://www.icai.org
National Financial Reporting Authority (NFRA)
It was constituted on 01st October 2018 by the Government of India under the Companies Act, 2013.
Functions and Duties
Recommend accounting and auditing policies and standards to be adopted by companies for approval by the Central Government;
Monitor and enforce compliance with accounting standards and auditing standards;
Oversee the quality of service of the professions associated with ensuring compliance with such standards and suggest measures for improvement in the quality of service;
Perform such other functions and duties as may be necessary or incidental to the aforesaid functions and duties.
To protect the public interest and the interests of investors, creditors and others associated with the companies or bodies corporate by establishing high-quality standards of accounting and auditing and exercising effective oversight of accounting functions performed by the companies and bodies corporate and auditing functions performed by auditors.
Companies and Bodies Corporate Governed by the Authority
(a) Companies whose securities are listed on any stock exchange in India or outside India;
(b) Unlisted public companies having paid-up capital of not less than rupees five hundred crores or having annual turnover of not less than rupees one thousand crores or having, in aggregate, outstanding loans, debentures and deposits of not less than rupees five hundred crores as on the 31st March of immediately preceding financial year;
(c) Insurance companies, banking companies, companies engaged in the generation or supply of electricity, companies governed by any special Act for the time being in force or bodies corporate incorporated by an Act
(d) Any body corporate or company or person, or any class of bodies corporate or companies or persons, on a reference made to the Authority by the Central Government in the public interest; and
(e) A body corporate incorporated or registered outside India, which is a subsidiary or associate company of any company or body corporate incorporated or registered in India if the income or net worth of such subsidiary or associate company exceeds twenty per cent of the consolidated income or consolidated net worth of such company or the body corporate
https://nfra.gov.in
Competition Commission of India
Competition is the best means of ensuring that the ‘Common Man’ or ‘Aam Aadmi’ has access to the broadest range of goods and services at the most competitive prices. With increased competition, producers will have maximum incentive to innovate and specialize. This would result in reduced costs and wider choice to consumers. Fair competition in the market is essential to achieve this objective. Our goal is to create and sustain fair competition in the economy that will provide a ‘level playing field’ to the producers and make the markets work for the welfare of the consumers.
The Competition Act
The Competition Act, 2002, as amended by the Competition (Amendment) Act, 2007, follows the philosophy of modern competition laws. The Act prohibits anti-competitive agreements, abuse of dominant position by enterprises and regulates combinations (acquisition, acquiring of control and M&A), which causes or likely to cause an appreciable adverse effect on competition within India.
The objectives of the Act are sought to be achieved through the Competition Commission of India, which has been established by the Central Government with effect from 14th October 2003. CCI consists of a Chairperson and 6 Members appointed by the Central Government.
It is the duty of the Commission to eliminate practices having an adverse effect on competition, promote and sustain competition, protect the interests of consumers and ensure freedom of trade in the markets of India.
The Commission is also required to give an opinion on competition issues on a reference received from a statutory authority established under any law and to undertake competition advocacy, create public awareness and impart training on competition issues.
https://www.cci.gov.in/about-cci
https://www.icsi.edu
National Company Law Tribunal (NCLT)
In the first phase the Ministry of Corporate Affairs have set up eleven Benches, one Principal Bench at New Delhi and ten Benches at New Delhi, Ahmadabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata and Mumbai. These Benches were headed by the President and 16 Judicial Members and 09 Technical Members at different locations. Subsequently, more members have joined and Benches at Cuttack, Jaipur, Kochi , Amravati, and Indore have been set up.
About National Company Law Tribunal (NCLT): (From IAStopper.com)
- The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues relating to Indian companies.
- The Central Government has constituted National Company Law Tribunal (NCLT) under section 408 of the Companies Act, 2013 and was constituted on 1st June 2016.
- The NCLT was constituted on the basis of the recommendation of the justice Eradi committee on the law relating to insolvency and winding up of companies.
- It has been set up to govern the companies registered in India and is a successor to the Company Law Board.
- The NCLT has eleven benches, two at New Delhi (one being the principal bench) and one each at Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata, and
- These Benches will be headed by the President and 16 Judicial Members and 09 Technical Members at different locations.
- The Appellate Tribunal is required to dispose the appeal within a period of six months from the date of the receipt of the appeal.
- Decisions of the NCLT may be appealed to the National Company Law Appellate Tribunal (NCLAT). The decisions of NCLAT may be appealed to the Supreme Court of India.
- No civil court has the jurisdiction to consider any suit or proceeding with reference to any matter which the Tribunal or the Appellate Tribunal is empowered to decide.
- Appeals can be made by any person aggrieved by an order or decision of the NCLT, within a period of 45 days from the date on which a copy of the order or decision of the Tribunal.
Powers of NCLT:
- Power to seek the assistance of Chief Metropolitan Magistrate.
- De-registration of Companies.
- Declare the liability of members unlimited.
- De-registration of companies in certain circumstances when there is registration of companies is obtained in an illegal or wrongful manner.
- The remedy of oppression and mismanagement.
- Power to hear the grievance of the refusal of companies to transfer securities and rectification of register of members.
- Protection of the interest of various stakeholders, especially non-promoter shareholders and depositors.
- Power to provide relief to the investors against a large set of wrongful actions committed by the company management or other consultants and advisors who are associated with the company.
- Aggrieved depositors have the remedy of class actions for seeking redressal for the acts/omissions of the company which hurt their rights as depositors.
- Powers to direct the company to reopen its accounts or allow the company to revise its financial statement but do not permit reopening of accounts. The company can itself also approach the Tribunal through its director for revision of its financial statement.
- Power to investigate or for initiating investigation proceedings. An investigation can be conducted even abroad. Provisions are provided to assist investigation agencies and courts of other countries with respect to investigation proceedings.
- Power to investigate into the ownership of the company.
- Power to freeze assets of the company.
- Power to impose a restriction on any securities of the company.
- Conversion of the public limited company into the private limited company.
- If the company cannot or has not held an Annual General Meeting as required under the Companies Act or a required Extraordinary General Meeting, then the Tribunal has powers to call for a General Meetings.
- Power to alter the financial year of a company registered in India.
The NCLT has the power under the Companies Act to adjudicate proceedings:
- Initiated before the Company Law Board under the previous act (the Companies Act 1956);
- Pending before the Board for Industrial and Financial Reconstruction (BIFR), including those pending under the Sick Industrial Companies (Special Provisions) Act, 1985;
- Pending before the Appellate Authority for Industrial and Financial Reconstruction; and
- Pertaining to claims of oppression and mismanagement of a company, winding up of companies and all other powers prescribed under the Companies Act.
https://nclt.gov.in/
National Company Law Appellate Tribunal (NCLAT)
It was constituted under Section 410 of the Companies Act, 2013 for hearing appeals against the orders of National Company Law Tribunal(s) (NCLT), with effect from 1st June, 2016.
NCLAT is also the Appellate Tribunal for hearing appeals against the orders passed by NCLT(s) under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC), with effect from 1st December, 2016. NCLAT is also the Appellate Tribunal for hearing appeals against the orders passed by Insolvency and Bankruptcy Board of India under Section 202 and Section 211 of IBC.
NCLAT is also the Appellate Tribunal to hear and dispose of appeals against any direction issued or decision made or order passed by the Competition Commission of India (CCI) – as per the amendment brought to Section 410 of the Companies Act, 2013 by Section 172 of the Finance Act, 2017, with effect from 26th May, 2017.
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Reserve Bank of India
It was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934.
The Central Office of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated.
Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India.
Basic functions of the Reserve Bank:
“to regulate the issue of Banknotes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping in mind the objective of growth.”
- Acts administered by the Reserve Bank of India
Reserve Bank of India Act, 1934
Public Debt Act, 1944/Government Securities Act, 2006
Government Securities Regulations, 2007
Banking Regulation Act, 1949
Foreign Exchange Management Act, 1999
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (Chapter II)
Credit Information Companies(Regulation) Act, 2005
Payment and Settlement Systems Act, 2007
Payment and Settlement Systems Regulations, 2008 and Amended up to 2011 and BPSS Regulations, 2008
The Payment and Settlement Systems (Amendment) Act, 2015 – No. 18 of 2015
Factoring Regulation Act, 2011
- Other relevant Acts
Negotiable Instruments Act, 1881
Bankers’ Books Evidence Act, 1891
State Bank of India Act, 1955
Companies Act, 1956/ Companies Act, 2013
Securities Contract (Regulation) Act, 1956
State Bank of India Subsidiary Banks) Act, 1959
Deposit Insurance and Credit Guarantee Corporation Act, 1961
Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970
Regional Rural Banks Act, 1976
Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980
National Bank for Agriculture and Rural Development Act, 1981
National Housing Bank Act, 1987
Recovery of Debts Due to Banks and Financial Institutions Act, 1993
Competition Act, 2002
Indian Coinage Act, 2011 : Governs currency and coins
Banking Secrecy Act
The Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003
The Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act, 1993
Main Functions
Regulator and supervisor of the financial system:
Prescribes broad parameters of banking operations within which the country’s banking and financial system functions.
Objective: maintain public confidence in the system, protect depositors’ interest and provide cost-effective banking services to the public.
Foreign Exchange
Manages the Foreign Exchange Management Act, 1999.
Facilitates external trade and payment and promote orderly development
Maintains the foreign exchange market in India.
Issuer of currency:
Issues and exchanges or destroys currency and coins not fit for circulation.
Objective: to give the public adequate quantity of supplies of currency notes and coins and in good quality.
Developmental role
Performs a wide range of promotional functions to support national objectives.
Regulator and Supervisor of Payment and Settlement Systems:
Public confidence in payment and settlement system
Banker to the Government: performs merchant banking function for the central and the state governments;
Acts as their banker.
Banker to banks: maintains banking accounts of all scheduled banks.
Offices
Has 27 regional offices, most of them in state capitals and 04 Sub-offices.
Training Establishments
RBI Academy
College of Agricultural Banking
Reserve Bank of India Staff College
National Institute for Bank Management
Indira Gandhi Institute for Development Research (IGIDR)
Institute for Development and Research in Banking Technology (IDRBT)
Subsidiaries
Deposit Insurance and Credit Guarantee Corporation of India (DICGC)
Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL)
Reserve Bank Information Technology Private Limited (ReBIT)
Indian Financial Technology and Allied Services (IFTAS)
https://www.rbi.org.in
The Securities and Exchange Board of India
It was established on April 12, 1992, in accordance with the provisions of the Securities and Exchange Board of India Act, 1992.
Objectives:
- To regulate major acquisitions of shares
- To govern take-over of listed companies.
- To provide a market platform for stockbrokers, sub-brokers, portfolio managers
- To register investment advisers, share transfer agents, bankers, merchant bankers,
- To recognize trustees of trust deeds, registrars, underwriters, etc
- To protect the interests of investors in the securities market.
- To develop the securities market
- To regulate the securities business.
- To regulate the role of depositories, participants, custodians of securities,
- To facilitate the foreign portfolio investors
- To regulate credit rating agencies.
- To prevent insider trading, frauds and unfair trade practices in the securities market.
Following are the departmental roles:
Corporation Finance Department (CFD)
The Corporation Finance Department deals with matters relating to(i) Issuance and listing of securities, including initial and continuous listing requirements(ii) Scheme of arrangements involving merger/ demerger, amalgamation, reduction in the capital(ii) corporate governance and accounting/auditing standards(iii) corporate restructuring through Takeovers/ buybacks(iv) Delisting, etc.
Department of Debt and Hybrid Securities (DDHS)
The Department of Debt and Hybrid Securities is responsible for matters related to Corporate Bonds, listed debt securities, Real Estate Investment Trust, Infrastructure Investment Trust, deemed public issues of debt securities and complaints in respect of aforementioned areas of work. The following Divisions will perform the functions of the Department:1. Primary Issuance and Policy2. Post Issuance, Compliance and Monitoring
Office of International Affairs (OIA)
SEBI has emerged as a key member of international standard-setting bodies and global forums, where it is making an effective contribution to their ongoing work programs. With the ever-evolving and dynamic nature of capital markets, it is important to be abreast of global developments while introducing and implementing regulatory measures domestically. Office of International Affairs (OIA), in pursuit of SEBI’s regulatory objectives, is responsible for engaging with a range of foreign regulators, standard-setting bodies and law enforcement agencies to promote international regulatory and enforcement cooperation.
OIA’s roles and responsibilities broadly include:-
Regulation of securities markets by engaging with international setting bodies and contributing to rulemaking
Investor protection by cooperating with foreign regulators on enforcement matters
Capacity Building by developing and imparting technical assistance programs
OIA’s expertise in international market practices, regulations and ongoing international regulatory issues supports SEBI with advice and assistance in international enforcement and regulatory matters.
Commodity Derivatives Market Regulation Department (CDMRD)
The Commodity Derivatives Market Regulation Department is responsible for supervising the functioning and operations of Commodity Derivative Segments of Recognized Stock Exchanges/Recognized Clearing Corporations. The following Divisions will perform the functions of the Department:
Division of New Products and Market Policy.
Division of Exchange Administration.
Division of Inspection.
Division of Risk Management.
Division of Complaints & Division of Investors Awareness
Division of Products
https://www.sebi.gov.in
Central Board of Direct Taxes
It is a statutory authority functioning under the Central Board of Revenue Act, 1963. The officials of the Board in their ex-officio capacity also function as a Division of the Ministry dealing with matters relating to levy and collection of direct taxes.
The Central Board of Revenue as the apex body of the Department, charged with the administration of taxes, came into existence as a result of the Central Board of Revenue Act, 1924. Initially, the Board was in charge of both direct and indirect taxes. However, when the administration of taxes became too unwieldy for one Board to handle, the Board was split up into two, namely the Central Board of Direct Taxes and Central Board of Excise and Customs with effect from 1.1.1964. This bifurcation was brought about by the constitution of two Boards u/s 3 of the Central Board of Revenue Act, 1963.
https://www.incometaxindia.gov.in
Securities Appellate Tribunal
It is a statutory body established under the provisions of Section 15K of the Securities and Exchange Board of India Act, 1992 to hear and dispose of appeals against orders passed by the Securities and Exchange Board of India or by an adjudicating officer under the Act; and to exercise jurisdiction, powers and authority conferred on the Tribunal by or under this Act or any other law for the time being in force. Consequent to Government Notification No.DL-33004/99 dated 27th May, 2014, SAT hears and disposes of appeals against orders passed by the Pension Fund Regulatory and Development Authority (PFRDA) under the PFRDA Act, 2013. Further, in terms of Government Notification No.DL-(N)/04/0007/2003-15 dated 23rd March, 2015, SAT hears and disposes of appeals against orders passed by the Insurance Regulatory Development Authority of India (IRDAI) under the Insurance Act, 1938, the General Insurance Business (Nationalization) Act, 1972 and the Insurance Regulatory and Development Authority Act, 1999 and the Rules and Regulations framed thereunder.
http://sat.gov.in
India Brand Equity Foundation
India Brand Equity Foundation (IBEF) is a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India in 2003 with the objective of promoting and creating international awareness of the Made in India label in markets overseas and to facilitate dissemination of knowledge of Indian products and services. Towards this objective, IBEF works closely with stakeholders across government and industry.
IBEF endeavours to ensure consistent and effective messaging on the India growth story through brand building initiatives/campaigns undertaken in partnership with various stakeholders ranging from lead industry associations to export promotion councils. IBEF is the branding and communication partner for various trade exhibitions organised under the aegis of the Department of Commerce.
www.ibef.org
https://www.ibef.org/research/publications/india-now-magazine
Federation of Indian Export Organisations
The Federation of Indian Export Organisations (FIEO), set up in 1965 under the aegis of Ministry of Commerce, as an Apex Body of Export Promotion Organisations and institutions in the country is registered under the Societies Registration Act XXI of 1860 with its Headquarters in Delhi and Regional Offices in Delhi, Mumbai, Chennai and Kolkata, and Chapters in Jaipur, Kanpur, Ludhiana, Ahmedabad, Indore, Hyderabad, Kochi, Bangalore, Coimbatore, Bhubaneswar, Ranchi and Guwahati. FIEO has been serving as a platform of interaction between exporters and policymakers and has been instrumental in promoting the efforts of the Indian exporting community. It is an ISO 9001-2008 certified Organization.
https://commerce.gov.in/InnerContent.aspx?Id=243
National Centre for Trade Information
The National Centre for Trade Information was incorporated on 31st March 1995 as a company under Section 25 of the Companies Act, 1956. The company started functioning w.e.f. March 1996. It has a Board of Directors for the administration of its affairs, which includes representatives from the Ministry of Commerce & Industry, National Informatics Centre (NIC), Indian Institute of Foreign Trade (IIFT), and Directorate General of Commercial Intelligence & Statistics (DGCI&S). Other representatives are from India Trade Promotion Organisation (ITPO) and other Export Promotion Councils/ Apex Bodies.
ncti.gov.in
ncti-india.com
India Trade Promotion Organisation
India Trade Promotion Organisation (ITPO) is the premier trade promotion agency of India, provides a broad spectrum of services to trade and industry and acts as a catalyst for growth of India’s trade. The main Corporate objectives of ITPO is to promote external and domestic trade of India in cost effective manner by organizing and participating in international trade fairs in India and abroad; organizing buyer-seller meets and contact promotion programmes abroad; conducting overseas market surveys, exchanging and contact promotion programmes abroad; conducting overseas market surveys, exchanging and coordinating visits of business delegations, and undertake need based research to facilitate trade in specific sectors/markets.
www.indiatradefair.com
