Nationwide Monetary Reporting Authority (NFRA) Chairperson R. Sridharan on Thursday pitched for a ‘standalone regulation’ for the regulator within the pursuits of autonomy, and emphasisedall important penal provisions in terms of monetary reporting will have to be consolidated and vested with it.
‘Now not complete’
The NFRA would possibly take motion in opposition to auditors for pro misconduct but if it got here to different functionaries of an organization who’ve the accountability for monetary reporting, penal powers proceed to be vested with the Centre, he stated. “To make stronger the effectiveness of the implementation of the legislation, it will be important to consolidate… penal provisions in terms of monetary reporting and to vest them in NFRA. This may permit for built-in legislation of all members within the monetary reporting device,” he stated.
Noting that the NFRA operated underneath a unmarried phase of the Firms Act, he stated the phase didn’t supply complete protection of all of the purposes and powers which might be required to represent the authority as a ‘company monetary reporting regulator’.