# Parliamentary panel seeks tighter limits on NFRA powers 2026-08-06T17:56:06+00:00 | Governance | Indian Opinion Desk Corroboration: 1 independent outlet A Parliamentary Joint Committee has recommended curbs on the proposed expansion of the National Financial Reporting Authority, including lower penalties, continued government oversight and safeguards against overlap with the Institute of Chartered Accountants of India. Its report on the Corporate Laws (Amendment) Bill, 2026 was tabled in Parliament on August 3. The panel opposed imprisonment for failing to comply with NFRA orders and sought capped daily fines instead. It also recommended that investigation procedures, staff appointments and member qualifications remain under government rules. NFRA’s misconduct powers should focus on audit-related matters, while directions to auditors should follow an inquiry. The panel backed interoperable portals for NFRA, ICAI and MCA21 to reduce duplicate compliance. ## Coverage - cfo.economictimes.indiatimes.com Tags: audit regulation, corporate law, ICAI, NFRA, Parliament Canonical: https://indianopinion.org/parliamentary-panel-seeks-tighter-limits-on-nfra-powers/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/parliamentary-panel-seeks-tighter-limits-on-nfra-powers/#story-in-brief Review state: restored archive article, accurate at time of publication, not offered to search indexes.