The legislative authority for enacting corporate laws and securities laws in India is distinctly different from the authority for enactment of corporate laws and securities laws in USA. Explain.

In India both securities and corporate laws are centralized with the Parliament being the sole authority for enacting these statutes. For example, Companies Act, 2013, Securities Contract (Regulation) Act, 1956, Limited Liability Partnership Act, 2008, Income Tax Act, 1961 are all important central laws uniformly applicable across the States and Union Territories in India. On the other hand, the corporate laws in USA is enacted and administered by the individual States having their own Constitution with the Secretary of State for the individual states looking after the incorporation and administration of Companies Act of that individual State. Thus, in USA each State is competing with other states to attract companies to set up shop by offering easier incorporation terms and tax incentives. However, like in India, the security laws of USA are administered by a single, powerful central Authority called Securities Exchange Commission (SEC) which oversees the administration of stock exchanges. This is similar to Security Exchange Board of India (SEBI) which administers securities listed on recognized stock exchanges while the Ministry of Corporate Affairs (MCA) administers the Companies Act, 2013 and Allied Acts for regulating the functioning of the corporate sector.