[1] It is responsible mainly for the regulation of Indian enterprises in the industrial and services sector.

The highest post, Director General of Corporate Affairs (DGCoA), is fixed at Apex Scale for the ICLS.

The ministry administers the following acts: In August 2013, The Companies Act, 2013 was passed to regulate corporations by increasing responsibilities of corporate executives and is intended to avoid the accounting scandals such as the Satyam scandal which have plagued India.

[2] It replaces The Companies Act, 1956 which has proven outmoded in terms of handling 21st century problems.

[3] The Ministry has constituted a Committee for framing of National Competition Policy (India) and related matters (formulate amendments in the Act) under the Chairmanship of Dhanendra Kumar, former chairman of Competition Commission of India.