The government is finalising plans to set up an Indian Institute of Corporate Affairsa think tank and academic institutionon the lines of the IIMs for issues relating to corporate affairs.

Sources said the ministry of company affairs has constituted an expert group co-chaired by Anurag Goel, secretary, MCA and Dr Pritam Singh, ex-director, IIM, Lucknow and MDI, Gurgaon.

The government has allocated Rs 211 crore for the institute during the Eleventh Plan period of which Rs 47 crore have been given this fiscal. At present, the ministry is awaiting the approval of the expenditure finance commission, before engaging in further preparations. The expert group will come up with a detailed report and recommendations for the management and operating structure of the institute. The expert group also includes representatives from professional institutions such as the Institute of Chartered Accountants of India, Institute of Company Secretaries of India, the private sector and the Planning Commission.

It is being planned as a knowledge management and services delivery centre for corporate affairs in the country. It will also act as a training academy for the Indian Company Law Service for capacity building. A ministry official told FE, We want the IICA to take forward objectives of giving a basic form to corporate affairs, corporate functioning and initiating new legislations in the field.

Sources said the institute is likely to be located at Manesar, near Gurgaon and its construction will start by the year-end. However, the ministry is keen to start the institute in the next six months from a temporary location.