Panel asks MCA to explain funding cuts for regulators

News: The Parliamentary committee on finance has asked the Ministry of Corporate Affairs to explain a drop in funding for some regulators, like NFRA, CCI, in the revised estimates for FY24. It has also sought the track record of certain regulators, like SFIO, in handling cases.

1. National Finance Reporting Authority (NFRA): Its function is to oversee the auditing and accounting profession in India.

2. It is a statutory body established in 2018 under the provisions of Companies Act, 2013.

3. Competition Commission of India (CCI): Its primary function is to promote and sustain an enabling competition culture in Indian market, eliminating practices that have an adverse effect on competition.

4. It is established under the provisions of the Competition Act 2002 for the administration, implementation, and the enforcement of the Act.

5. Serious Fraud Investigation Office (SFIO): It is multi-disciplinary agency to investigate corporate frauds and to enhance the enforcement of corporate laws in India.

6. These 3 organizations (NFRA, CCI, SFIO) come within the jurisdiction of the Ministry of Corporate Affairs.