The
Ministry of Corporate Affairs deals only with companies and not with
unregistered firms which come under the jurisdiction of respective State
Governments. However, an inter-ministerial Group (IMG) was constituted by the
Ministry of Finance having representatives from Ministry of Finance, Ministry
of Corporate Affairs, Reserve Bank of India and Securities and Exchange Board
of India, for better inter-agency coordination in matters to consider the
issues relating to the companies engaged in Direct Selling/Network/Multi-Level
Marketing.
This information was given by Smt. Nirmala Sitharaman, MoS in the Ministry of Corporate Affairs in written reply to a question in the Rajya Sabha today.
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