REGULATORY BODIES IN INDIA
REGULATORY BODIES IN INDIA
• The Ministry of Corporate Affairs (MCA): MCA is an Indian Govt. Ministry. 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. It is responsible mainly for
regulation of Indian enterprises in Industrial and Services sector.
Presently, they are entrusted with the development of India ASs. The Ind AS are named and numbered
in the same way as the corresponding International Financial Reporting Standards (IFRS). MCA has to
spell out the accounting standards applicable for companies in India. As on date MCA has notified 39 Ind
AS. This shall be applied to the companies of financial year 2015-16 voluntarily and from 2016-17 on a
mandatory basis.
• The Institute of Chartered Accountants of India (ICAI): ICAI is the national professional accounting
body of India. It was enacted by the Parliament to regulate the profession of Chartered Accountancy in
India. It recommends the accounting standards to be followed by companies in India to The National
Financial Reporting Authority (NFRA) and sets the accounting standards to be followed by other types of
organisations. ICAI is solely responsible for setting the auditing and assurance standards to be followed
in the audit of financial statements in India. It also issues other technical standards like Standards on
Internal Audit (SIA), Corporate Affairs Standards (CAS) etc. to be followed by practicing Chartered
Accountants. It works closely with the Government of India, Reserve Bank of India and the Securities and
Exchange Board of India in formulating and enforcing such standards.
• SEBI: Securities Exchange Board of India (SEBI) was set up in 1988 to regulate the functions of
securities market. SEBI promotes orderly and healthy development in the stock market but initially SEBI
was not able to exercise complete control over the stock market transactions. It was left as a watch dog
to observe the activities but was found ineffective in regulating and controlling them. As a result, in May
1992, SEBI was granted legal status. SEBI is a body corporate having a separate legal existence and
perpetual succession. The SEBI has been entrusted with both the regulatory and developmental
functions. The SEBI plays a pivotal role in the capital market. They protect the investors so that there is a
steady flow of savings into the Capital Market. They ensure the fair practices by the issuers of securities,
namely, companies so that they can raise resources at least cost. They help in the promotion of efficient
services by brokers, merchant bankers and other intermediaries so that they become competitive and
professional. It has initiated the basis for control and regulation of the market, arranged for the licensing
of merchant banks, mutual funds etc. and performed the advisory functions to the Govt. The legislation
giving powers to SEBI in the form of the Securities & Exchange Board of India Act to protect the interests
of investors in securities and to promote the development of and to regulate the securities market and
for matters connected therewith or incidental thereto.
Top Reviews
Introduction to Statistics for CA Foundation
Introduction to Statistics for CA Foundation Business Mathematics, Logical Reasoning and Statistics is designed as per latest CA Foundation syllabus for Paper 3 to provide a firm grounding in the principles, techniques and practice. The book adopts self-study approach and has been written in student-friendly manner. With a blend of conceptual learning and problem-solving approach, it offers in-depth understanding of the basic mathematical and statistical tools. #introductiontostatistics
Chapter X of Companies Act 2013
Chapter X of Companies Act 2013 The company shall place the matter relating to such appointment for ratification by members at every annual general meeting. ... Under the Act, the provisions for rotation of auditors in the listed Company & certain other class of Companies, have been provided for. #chapterxofcompaniesact2013
Relevant sections under the Companies Act, 2013 dealing with fraud and false statements
Relevant sections under the Companies Act, 2013 dealing with fraud and false statements The new parent corporate law “The Companies Act 2013” is mostly ... I am limiting my write-up to the provisions to the Act, and I request the readers to refer relevant rules, if any, before ... in the 2013 Act is the Section 447 dealing with “Punishment for fraud”. ... Section 448
What is Corporate Image
What is Corporate Image A corporate identity or corporate image is the manner in which a corporation, firm or business enterprise presents itself to the public. The corporate identity is typically visualized by branding and with the use of trademarks, but it can also include things like product design, advertising, public relations etc #WhatisCorporateImage
What is Energy Audit
What is Energy Audit An energy audit is an inspection survey and an analysis of energy flows for energy conservation in a building. It may include a process or system to reduce the amount of energy input into the system without negatively affecting the output. #whatisenergyaudit