REGSTREET LAW ADVISORS SUMIT AGRAWAL
The Business Standard (Ruchika Chitravanshi) has reported that the government is considering a proposal to bifurcate the functions of the National Financial Reporting Authority (NFRA) separating its audit review and disciplinary roles.
The move follows observations of the Delhi High Court (judgment: https://lnkd.in/dptaPdnq), which had cautioned that the absence of such a division exposes National Financial Reporting Authority (NFRA) to allegations of bias.
In this context, Mr. SUMIT AGRAWAL, Senior Partner, REGSTREET LAW ADVISORS, was quoted in the article titled โGovt may allow NFRA to split its functionsโ wherein he is of the view that:
โ๐๐ฏ๐ฅ๐ช๐ขโ๐ด ๐ณ๐ฆ๐จ๐ถ๐ญ๐ข๐ต๐ฐ๐ณ๐บ ๐ง๐ณ๐ข๐ฎ๐ฆ๐ธ๐ฐ๐ณ๐ฌ ๐ฉ๐ข๐ด ๐ฅ๐ณ๐ช๐ง๐ต๐ฆ๐ฅ ๐ข๐ธ๐ข๐บ ๐ง๐ณ๐ฐ๐ฎ ๐ต๐ฉ๐ฆ ๐ค๐ฐ๐ฏ๐ด๐ต๐ช๐ต๐ถ๐ต๐ช๐ฐ๐ฏ๐ข๐ญ ๐ฑ๐ณ๐ช๐ฏ๐ค๐ช๐ฑ๐ญ๐ฆ ๐ฐ๐ง ๐ค๐ฉ๐ฆ๐ค๐ฌ๐ด ๐ข๐ฏ๐ฅ ๐ฃ๐ข๐ญ๐ข๐ฏ๐ค๐ฆ๐ด. ๐๐ฉ๐ฆ ๐๐ถ๐ฑ๐ณ๐ฆ๐ฎ๐ฆ ๐๐ฐ๐ถ๐ณ๐ต ๐ฉ๐ข๐ด ๐ณ๐ฆ๐ฑ๐ฆ๐ข๐ต๐ฆ๐ฅ๐ญ๐บ ๐ฆ๐น๐ฑ๐ณ๐ฆ๐ด๐ด๐ฆ๐ฅ ๐ค๐ฐ๐ฏ๐ค๐ฆ๐ณ๐ฏ ๐ข๐ฏ๐ฅ ๐ถ๐ณ๐จ๐ฆ๐ฅ ๐ค๐ฐ๐ณ๐ณ๐ฆ๐ค๐ต๐ช๐ท๐ฆ ๐ด๐ต๐ฆ๐ฑ๐ด… ๐๐ฉ๐ฆ๐ฏ ๐ณ๐ฆ๐จ๐ถ๐ญ๐ข๐ต๐ฐ๐ณ๐ด ๐ฃ๐ฆ๐ค๐ฐ๐ฎ๐ฆ ๐ฃ๐ฐ๐ต๐ฉ ๐ณ๐ถ๐ญ๐ฆ-๐ฎ๐ข๐ฌ๐ฆ๐ณ๐ด ๐ข๐ฏ๐ฅ ๐ข๐ฅ๐ซ๐ถ๐ฅ๐ช๐ค๐ข๐ต๐ฐ๐ณ๐ด, ๐ต๐ฉ๐ฆ ๐ง๐ช๐ณ๐ด๐ต ๐ค๐ข๐ด๐ถ๐ข๐ญ๐ต๐บ ๐ช๐ด ๐ข๐ค๐ค๐ฐ๐ถ๐ฏ๐ต๐ข๐ฃ๐ช๐ญ๐ช๐ต๐บ, ๐ข๐ฏ๐ฅ ๐ต๐ฉ๐ฆ ๐ด๐ฆ๐ค๐ฐ๐ฏ๐ฅ ๐ช๐ด ๐ซ๐ถ๐ด๐ต๐ช๐ค๐ฆ.โ
The article also draws reference to other regulators such as the Competition Commission Of India (CCI) and Securities and Exchange Board of India (SEBI) for their separation of powers.
NFRA has appealed the Delhi High Courtโs order before the Supreme Court (order: https://lnkd.in/d7VM7cjn), which has allowed proceedings to continue but directed that issuance of final orders by NFRA be stayed until Supreme courtโs final verdict.
Read the full article by Business Standard: https://lnkd.in/dRRzkkcx
Previously, Dr. M. S. Sahoo and Mr. SUMIT AGRAWAL had authored an editorial on the need of separation of powers. This article titled ‘The regulatory state’s fault lines: India must restore separation of powers’ can be accessed at https://lnkd.in/dmx3pRTg
