Cost Audit
           The companies engaged in the production of goods or providing services as specified in
      orders issued by the central government under Section 148 of the Companies Act, 2013 are
      required to include the particulars relating to the utilization of material or labour or to other
      prescribed items of cost in their books of account. Such companies which are required to
      maintain cost records, and which have prescribed turnover are also required to get their cost
      records audited by a cost accountant in practice.
           The Companies (Cost Records and Audit) Rules were notified in 2014 specifying the class
      of companies and the threshold limit, which require to maintain cost records and conduct audit
      thereof. The aforesaid rules cover 6 regulated sectors and 33 non-regulated sectors which fall
      under the ambit of Section 148 of the Companies Act, 2013 for maintenance of cost records and
      conducting of audit thereof subject to the specified threshold limits. The cost records help the
      compilation of cost database for the own use of such companies for the purpose of cost
      management, pricing and other related functions. These records are also used by various
      government agencies like price-fixation authorities, regulatory bodies, WTO implementation and
      monitoring agencies, Competition Commission of India (CCI), Serious Fraud Investigation
      Office (SFIO), revenue authorities, and other institutions. The Ministry analyses the cost audit
      reports and monitors compliance to the Act/Rules by the specified companies.
      Investor Education and Protection Fund
           The Companies Act provides for establishment of Investor Education and Protection Fund
      (IEPF) for promoting Investor Awareness and protecting their interests. The amount of dividend,
      matured deposits, matured debentures, application money, etc., which remained
      unpaid/unclaimed for a period of seven years from the date they first become due for payment,
      are transferred to IEPF. Section 205 C of the Companies Act, 1956 did not allow the refund of
      such amount to individual once it is transferred to IEPF. Section 125 of Companies Act, 2013
      allows refund of unpaid amounts transferred to IEPF. Such refunds are to be made by the
      Investor Education and Protection Fund Authority under Section 125 of the Act.
           IEPF Authority was made functional from 2016. The IEPF Authority is also entrusted with
      the responsibilities of carrying out investor awareness activities using the amounts transferred to
      IEPF. Investor Awareness Programmes (IAPs) are organized in association with three
      professional institutes namely; (a) Institute of Chartered Accounts of India, (b) Institute of
      Company Secretaries of India and (c) Institute of Cost Accounts of India. In addition, investor
      awareness activities like Crawler messages on Doordarshan through Prasar Bharati and airing
      jingles on All India Radio for the period of 90 days to create and increase investor’s awareness
      were taken up.
      Indian Corporate Law Service
           Ministry of Corporate Affairs is the cadre controlling authority of the Indian Corporate Law
      service (ICLS). The erstwhile Indian Company Law Service was rechristened in 2008 as the
      Indian Corporate Law Service.
      Serious Fraud Investigation Office
           The Serious Fraud Investigation Office (SFIO) was set up in 2003. The Companies Act,
      2013, interalia, has accorded statutory status to SFIO and its functions and powers have been