The Indian Institute of Corporate Affairs (IICA) has become fully functional. There are no plans at present to open its centers across the country. The IICA has been established as a ‘think tank’, action research, service delivery and capacity-building institute to serve as a one-stop-shop providing a platform for value-adding partnerships between government, corporate entities and other stakeholders. Since its establishment as a Society in September, 2008, the Institute has taken many steps to fulfill its mandate, viz. (i) Its five Schools and four Centres have become operational. (ii) Indian Corporate Law Service Academy has become functional and is imparting training to officers of the Indian Corporate Law Service since 2010. (iii) The Institute has emerged as an important Institute for conducting various courses, seminars, workshops etc. on issues of relevance to the corporate sector such as corporate social responsibility, corporate governance, role of company directors, independent directors, competition issues etc. Officials and other stakeholders, both in the private as well as public sector, banks, investors, etc. have benefited from these programmes. (iv) The Institute has carried out research and produced many publications on relevant issues.

IICA has signed four Memorandums of Understanding (MOUs) with foreign institutions namely, George Washington University Law School, USA; German Agency for International Cooperation; Institute of Directors, UK and International Finance Corporation, USA. The IICA has also signed 27 MOUs with reputed domestic institutions including the National Law School of India University, Bangalore, The Energy and Resources Institute, New Delhi, Tata Institute of Social Sciences, Mumbai, Indian Institute of Management, Raipur, Bombay Stock Exchange, etc. These MOUs are meant to furthering the aims and objectives of the IICA to achieve its role as a holistic think-tank, capacity building, service delivery and training Institute by deriving advantages of synergies from partner institutions.

The IICA project was taken up as a Plan scheme under the 11th Five Year Plan (2007-08 to 2011-12) with a budgetary allocation of ₹ 211 crore. It has been allocated a sum of ₹ 110 crore in the 12th Five Year Plan (2012-13 to 2016-17).

This was stated by Shri Arun Jaitley, Minister of Corporate Affair in written reply to a question in the Rajya Sabha today.

Corporate capacity building: IICA operational with schools, training academy, international and domestic MOUs enhancing corporate governance. The Indian Institute of Corporate Affairs is fully functional, operating five Schools and four Centres and an Indian Corporate Law Service Academy that trains officers. It conducts courses, seminars and workshops on corporate governance, corporate social responsibility, director roles and competition issues, produces research publications, and serves officials and stakeholders. The IICA has signed multiple domestic and international memoranda of understanding to support its training, research and service mandate and has received Plan scheme budgetary allocations under successive Five Year Plans.