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ECONOMICS Key Government Institution Chapter 8 – CSEET NOTES

Chapter 8 . Key Government Institution


1.NITI AAYOG


❖Objective

→To evolve a share vision of development priorities.

→To faster co-operative federalism

→To formulate credible plans at the village level

→To designate strategic & long term policy.

→Think tank of the Country

→To create a knowledge, innovation and entrepreneurial support

system

→To focus on technology up gradation.

❖Feature

→Developing itself as a state-of-the-art Resources Centre.

→Activities can be divided into four head

a. Design Policy & Programme Framework

b. Foster co-operative federation

c. Monitoring & evaluation

d. Think tank & knowledge

❖Verticals of NITI which provides the coordination &support

framework for NIIT to carry out mandate.

a. Agriculture

b. Health

c. Women & child development

d. Governance & research

e. HRD

f. Skill Development

g. Industry

h. Energy

i. State coordination &decentralized planning

j. National Institute of Labour Economic Research & development

2. Sustainable Action For Transforming Human Capital (SATH)


→Focuses on Health & education to build three ‘Role model’ states

→Three states namely Jharkhand, Madhya Pradesh & Odisha.

→The program is being implemented with knowle3dge partner’s Boston

Consulting Group (BCG) & Piramal Foundation for Education Leadership

(PFEL) with NITI AAYOG as a facilitator & coordinator in the process.

→Project implemented in 3 phases over a period of 30 months, coming

to an end in 2020

→Two phase have been completed Non in third stage which last for 18

months.

❖ Major achievement of SATH- Education project.

a. Filed diagnosis of districts & school of 3 states.

b. 8 roadmaps released which contain quarterly milestone for each

initiative.

c. Critical intervention including school mergers, training, teacher

recruitment/rationalization at district & state level

→Progress is being monitored through National Steering Group (NSG)

& Central Project Monitoring Unit (CPMU) at national level & State

Project Monitoring Unit (SPMU) at state level

3. MINISTRY OF CORPORATE AFFAIRS


→Concerned with administration of the company Act 2013, 1956 & LLP

(Limited liability Partnership) Act 2008 & other allied Act & rule &

regulation

→Responsible for administering of competition Act 2002 to prevent

practices having adverse effect on competition.

→Supervision over three professional bodies namely

ICAI/ICSI/ICMAI

→Responsibility of carrying out the function of Central Government (CG) relating to Partnership act 1932,Companies (Donations to National Funds) Act, 1951 & Societies Registration Act, 1980.

❖Affiliated Office OF Ministry Of Corporate Affairs (MCA)

a. Serious Fraud Investigation Office

→Due to major failure of Nonbanking Financial Institutions,

phenomenon of vanishing companies & stock market scam, set up

Serious Fraud Investigation Office (SFIO)

→Objective is to investigate the corporate fraud.

→Started functioning since 1st October 2003.

b. Competition Commission of India

→Established under competition Act 2002for the administration,

implementation and enforcement of the Act and duly constituted in

2009.

→Objective

• Prevent Practices having adverse effect on competition

• To promote & sustain competition in markets

• To protect the interest of consumer

• To ensure freedom of trade.

→Competition Act was amended in 2007

→Monopolies and Restrictive Trade Practices Act, 1969 (MRTP) repeated & replace by competition Act 2002 with effect from 1st September 2009.

c. Indian Institute of Corporate Affaires (IICA)

→Established by MCA (Ministry of corporate affaire) for capacity

building & training in various subjects matters such as competition law,

accounting, auditing, issues, corporate governance through

Environmental sensitivity & social responsibility

→One of the wings of IICA the ICLS Academy, has the responsibility

for Induction & Advanced Training for probationary Office (POs)

belonging to the Indian Corporate Law Service (ICLS)

4. SECURITIES AND EXCHANGE BOARD OF INDIAN


→Securities and Exchange Board of India (SEBI) is a statutory

regulatory body

→Controller of capital market.

→Founded on 12th April 1992 under SEBI Act 1992

→Headquartered in Mumbai

→Regional Office- New Delhi, Chennai, Kolkata and Ahmadabad and

other local regional offices

❖Objectives

→Protect the interest of investor

→Promote & development of security market

→Regulate the securities market

❖Function Of SEBI

→Regulate issue of securities i.e. Initial public offer & Follow-up Public

Offer (FPOs)

→Protect the interest of investors

→It monitors ever activity of financial intermediaries such as broker,

sub- broker, NBFCs, etc

❖ Power of SEBI

a. Quasi-Judicial Authority

→SEBI can conduct hearing & pass ruling judgements

b. Quasi-Legislative

→SEBI can formulate & implement the rules & regulation for the

protection of the interest of invertor (Listing Obligation and

Disclosure Requirements)

c. Quasi-Executive

→Empowered to inspect accounts books & other document if found

suspicious activities.

5. Reserve Bank of India


▪ Established on April 1, 1935 under RBI Act 1934

▪ Central office initially established in Calcutta but was permanently

moved in Mumbai in 1937

▪ Nationalized in 1949

▪ Now RBI is full owned by Government of India (GOI)

▪ Basic function is to regulate the issue of currency and securing

monetary stability

❖ Facts

➢ 27 Regional offices & 4 sub office

➢Regional office mostly in state capital

➢Wholly owned subsidiaries of RBI

a. Deposit Insurance & credit Guarantee Corporation of India (DICGC)

b. Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL)

c. Reserve Bank Information Technology Private Limited (ReBIT)

d. Indian Financial Technology & Allied services

→Six training establishment 3 RBI academy & 3 Collage of Agricultural

6. INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (IBBI)


➢Established on 1st October 2016 under insolvency & Banking code 2016

➢ It is a unique regulator which regulates a profession as process.

➢ It regulates Insolvency Professional Insolvency, Insolvency

Professional Agencies, entities Information Entities.

➢ It has also been designated as the valuation authorites

7. NATIONAL COMPANY LAW TRIBINAL (NCLT)


1. Central Government has Constituted National Company Law Tribunal

(NCLT) under section 408 of company Act 2013 (1st June 2016

2. Outcome of Eradi committee.

3. Quasi-Judicial authority incorporated for dealing with corporate

dispute which are of civil nature.

➢ MCA set up 11 benches.

➢Principal Benches →New Delhi

➢ Other 10 benches in

• New Delhi

• Ahmadabad

• Allahabad

• Bengaluru

• Chandigarh

• Chennai

• Guwahati

• Hyderabad

• Kolkata

• Mumbai

❖Function of NCLT

a. Registration of Companies

• NCLT can cancel the registration of a company to dissolve any company

• NCLT can de-register any company when the registration certificates

has been obtained by illegal means.

b. Transfer of Shares.

• NCLT is also empowered to hear grievances of rejection of companies

in transferring shares & securities under section 58-59.

c. Deposits

• Unhappy depositors can file class action suits for seeking remedy.

d. Power to investigates

• Investigation about the affairs of the company could be ordered if

application by 100 member (old 200 member).

e. Freezing assets of a company

• Can freeze the assets of the company if investigation is going

f. Converting Public Limited Company into a private limited company

• Conversion of public company into private company need prior approval

of NCLT

NATIONAL CIOMPANY LAW APPELLATE TRIBUNAL (NCLAT)


✓Constituted under 410 of company Act

✓Accept the appeal agains the order of NCLT or Insolvency &

✓Bankruptcy Board 2016 with effect from 1st December 2016

✓ Can also hear appeal against CCI with effect from 26th may 2017

Jurisdiction

1. Chairman

2. Maximum 11 member

3. Appeal against NCLT within 45 days from the date of order.

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