state
Querist : Anonymous
I want to know that lic,icsi, icai are state. I know that they are statutory body under the act of parliament.
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
WHAT IS THE DIFF. BETWEEN STATE AND STATUTORY BODY.IS ICSI STATE
---
### 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.
---
### 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**.
---
### 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.
---
### **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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