state

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2010 Sir,
I want to know that lic,icsi, icai are state. I know that they are statutory body under the act of parliament.

Ajay Mishra

Ajay Mishra (Expert)
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24 November 2010 Hi

LIC means Life Insurance Corporation
ICSI indicate Institute of Company Secretaries of India and
ICAI indicate Institute of Chartered Accountant of India

All the above are statutory body under the act of Parliament and governed by their own Act.

Regards

Querist : Anonymous

Querist : Anonymous (Querist)

24 November 2010 SIR,
WHAT IS THE DIFF. BETWEEN STATE AND STATUTORY BODY.IS ICSI STATE

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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25 July 2025 Good question! Here’s a simple explanation of **State** vs **Statutory Body** — and where ICSI fits:

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### 1. **What is a State?**

* The **State** refers to the **government or territory** of a country or a part of it.
* It means the **political and administrative authority** governing an area.
* Examples: Government of Maharashtra, Government of India, etc.

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### 2. **What is a Statutory Body?**

* A **Statutory Body** is an organization **created by a specific Act of Parliament or State Legislature**.
* It has legal powers and duties **defined by that law (statute)**.
* Examples:

* **ICSI** (Institute of Company Secretaries of India) — created under the **Company Secretaries Act, 1980**.
* **ICAI** (Institute of Chartered Accountants of India) — under the **Chartered Accountants Act, 1949**.
* **LIC** (Life Insurance Corporation) — created by **LIC Act, 1956**.

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### 3. **Is ICSI a State?**

* **No**, ICSI is **not a State**.
* It is a **Statutory Body** — a professional regulatory organization established by a Central Act of Parliament.
* It regulates and develops the profession of Company Secretaries in India.

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### **Summary Table**

| Term | Meaning | Example |
| -------------- | --------------------------- | --------------------------------- |
| State | Government/territory | Govt. of India, Maharashtra Govt. |
| Statutory Body | Organization created by law | ICSI, ICAI, LIC |

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If you want, I can explain more about functions or powers of statutory bodies!

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