New Delhi, March 1, 2018

The Union Cabinet on Thursday gave its nod for setting up of National Financial Reporting Authority (NFRA) to among other things oversee functioning of audit profession in respect of companies.

This will apply to all listed companies and large unlisted companies to begin with, Union Finance Minister Arun Jaitley told reporters here in the capital.

"NFRA will certainly be an oversight body. It is not intended to replace the disciplinary jurisdiction of the CA Institute. It will cover all listed companies. The rules will prescribe the threshold for the large unlisted companies", Jaitley said.

The Government can also refer cases to NFRA for action, a Government official said.


It also approved the Fugitive Economic Offenders Bill. All cases under this proposed law will be tried under the PMLA Act and the administrator will sell the fugitive's properties to pay off the lenders.

It will have an overriding effect over all other legislations. It will leads to confiscation of all the assets (including Benami assets) of the Fugitive in India.

Briefing reporters, Jaitley said this Bill -- Fugitive Economic Offenders Bill -- will be introduced in the second leg of the ongoing Budget session.

[The Hindu Business Line]