"Corporate governance is maximizing the shareholder value in a corporation while ensuring fairness to all stakeholders, customers, employees, investors, vendors, the government and the society-at-large. Corporate governance is about transparency and raising the trust and confidence of stakeholders in the way the company is run. It is about owners and the managers operating as the trustees on behalf of every shareholder - large or small." - Shri N.R. Narayana Murthy, Chief Mentor, Infosys Limited.
National Foundation for Corporate Governance (NFCG) was set up in the year 2003 by the Ministry of Corporate Affairs (MCA), in partnership with Confederation of Indian Industry (CII), Institute of Company Secretaries of India (ICSI) and Institute of Chartered Accountants of India (ICAI) to promote good Corporate Governance practices both at the level of individual corporates and Industry as a whole. In the year 2010, Institute of Cost Accountants of India (ICAI) and National Stock Exchange (NSE) and in 2013 Indian Institute of Corporate Affairs (IICA) were included in NFCG as Trustees.
Be the Key Facilitator and Reference Point for highest standards of Corporate Governance in India
To foster a culture of good governance, voluntary compliance and facilitate effective participation of different stakeholders;
To catalyse capacity building in new emerging areas of Corporate Governance.
To further research, scholarship, and education in corporate governance in India;
To create a framework of best practices, structure, processes and ethics;
Ministry of Corporate Affairs (MCA): MCA is primarily concerned with administration of the Companies Act, 1956, 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 which will eventually replace the Monopolies and Restrictive Trade Practices Act, 1969 under which the Monopolies and Restrictive Trade Practices Commission (MRTPC) is functioning. 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.
Confederation of Indian Industry (CII): CII is a non-government, not for profit, industry led and industry-managed organization, playing proactive role in India’s development process. CII works to create and sustain an environment conductive to the growth of industry in India, parenting Industry through advisory and consultative processes. A facilitator, CII catalyses change by working closely with government on policy issues, enhancing efficiency, competitiveness and expanding business opportunities for industry through a range of specialized services and global linkages.
Institute of Chartered Accountants of India (ICAI): ICAI is a statutory body established under the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountancy in India. The Institute has achieved recognition as a premier accounting body for the contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards.
Institute of Company Secretaries of India (ICSI): ICSI is a premier national professional body constituted under the Company Secretaries of India Act, 1980 to develop and regulate the profession of Company Secretaries. The Institute is functioning to develop high caliber professionals ensuring good Corporate Governance and effective management, thus contributing to society at large.
The Institute of Cost Accountants of India: The Institute of Cost Accountants of India was established by an Act of Parliament, namely, the Cost and Works Accountant Act, 1959. The institute was formed with the objectives of promoting, regulating and developing the profession of Cost Accountancy and is under the administrative control of Ministry of Corporate Affairs. The Institute is a founder member of International Federation of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA)."
National Stock Exchange of India Limited (NSE): operates a nation-wide, electronic market, offering trading in Capital Market, Derivatives Market and Currency Derivatives segments, including equities based ETF, Gold ETF, and Retail Government Securities etc. It accounts for nearly 74% in Equity market and more than 98% market share in equity derivatives segment. Today NSE network stretches to more than 1,500 locations in the country and supports more than 2, 30,000 terminals.
With more than 10 asset classes in offering, NSE has taken many initiatives to strengthen the securities industry and has launched several new products like Mini Nifty, Long Dated Options, Cross Margining, Currency and Interest Rate Derivatives, and Mutual Fund Service System. Responding to the evolving market needs, NSE has also introduced services like DMA, FIX capabilities, co-location and mobile trading facilities for various categories of investors.
NSE is committed to operate a market ecosystem which is transparent and at the same time offers high levels of safety, integrity and corporate governance. NSE would continue to provide newer products and services to cater to the demands of the market participants and provide an efficient trading platform for the investors
Indian Institute of Corporate Affairs (IICA):
IICA was registered as a society on September 12, 2008 under the Societies Registration Act, 1860. An autonomous institute, IICA works under the aegis of the Ministry of Corporate Affairs to deliver opportunities for research, education, and advocacy. It is also a think tank that curates a repository of data and knowledge for policy makers, regulators as well as other stakeholders working in the domain of corporate affairs. Set up as the premier organisation that aims at providing astute and credible intellectual leadership in corporate regulation, governance and running sustainable businesses, IICA is a think-tank, capacity building and service delivery institute