Functions of Ministry of Corporate Affairs (MCA)
The main responsibilities of the Ministry of Corporate Affairs (MCA) are as follows:
1. Administration of the notified provisions of Companies Act, 2013 and those provisions of Companies Act, 1956 that are still in force;
2. Notification of various sections of Companies Act 2013;
3. Formulation of Rules and regulations under various Acts administered by the Ministry;
4. Convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS);
5. Implementation of Competition Act through the Competition Commission of India;
6. Implementation of e-Governance in MCA;
7. Building systems for early detection of irregularities in corporate functioning.
8. Conducting investor education and awareness programmes;
9. To undertake investigation of serious frauds through the Serious Fraud Investigation Office(SFIO);
10. Management of the cadre of the Indian Corporate Law Service (ICLS).