Ministry of Corporate Affairs(MCA) India

The Ministry of Corporate Affairs (MCA) was earlier known as Department of Corporate Affairs under Ministry of Finance. It is primarily concerned with administering the Company Act 1956 and other acts related to Indian Private Sector. It is responsible mainly for regulating the functioning of the corporate sector in accordance with the law. Congress politician Salman Khurshid was elected in the Lok Sabha from Farukhabad and he took independent charge of the Ministry of Corporate Affairs.

Address: “A" Wing, Shastri Bhawan, Rajendra Prasad Road,

Telephone: 91-011 - 23384660, 23384470, 23389403

Web URL: Click here.

The ministry administers the following acts:

• Societies Registration Act 1860
• Partnership Act 1932
• Companies (Donation to National) Fund Act 1951
• The Company Secretaries Act 1980 [As amended by The Company Secretaries (Amendment) Act, 2006
• The Chartered Accountants Act 1949 [As amended by the Chartered Accountants (Amendment) Act, 2006]
• The Companies Act 1956 (relationships between shareholders, company, public and government
• Cost and Works Accountants Act 1959 [As Amended By the Cost and Works Accountants (Amendment) Act, 2006]
• The Monopolies and Restrictive Trade Practices Act 1969
• The Competition Act 2002
• The Companies Amendment Act, 2006

Naresh Chandra Committee Report on Corporate Audit and Governance

The Ministry of Corporate Affairs had appointed a high level committee in August 2002 to examine various corporate governance issues. The committee had been entrusted to analyze and recommend changes, if necessary, in the following area:

• The procedure for appointment of auditors and determination of audit fees;
• Restrictions, if necessary, on non-audit fees;
• The need, if any, for rotation of statutory audit firms or partners;
• The statutory auditor-company relationship so as to further strengthen the professional nature of this interface;
• Independence of auditing functions;
• The need to consider measures such as certification of accounts and financial statements by the management and directors;
• Measures required to ensure that the management and companies actually present 'true and fair' statement of the financial affairs of companies;
• Role of independent directors, and how their independence and effectiveness can be ensured.
• The necessity of having a transparent system of random scrutiny of audited accounts;
• Adequacy of regulation of chartered accountants, company secretaries and other similar statutory oversight functionaries and
• Advantages, if any, of setting up an independent regulator similar to the Public Company Accounting Oversight Board in the Sarbanes Oaxley Act (SOX Act), and if so, its constitution

National Foundation for Corporate Governance (NFCG)

In association with CII, ICAI and ICSI, Ministry of Corporate Affairs has set up a National Foundation for Corporate Governance (NFCG) as a not for profit trust. The NFCG has three structures for its management. They are the Board of Trustees, the Executive Directorate and the Governing Council under the Chairmanship of Minister of Corporate Affairs.

The foundation has been set up with the mission to:

• Create a framework of best practices, structure, processes and ethics;
• Make significant difference to Indian corporate sector by raising the standard of corporate governance in India towards achieving stability and growth.
• Foster a culture for promoting good governance, voluntary compliance and facilitate effective participation of different stakeholders

The detail information of Ministry of Corporate affairs in India are as follows:

1. Register Digital Signature Certificate here.
2. Director Identification Number  here.
3. Company master data and charge documents  here.
4. Annual filing corner here.
5. E-filing here.
6. Obtain Digital Signature certificate here.