 "Illustration by Binay Sinha")
The central government has no plan to repeal The Chartered Accountants Act, said senior officials at the ministry of corporate affairs.
This comes against the backdrop of a legal challenge to the new National Financial Regulatory Authority (NFRA); the Union government decided to establish such a body in March. The matter is now before the courts.
NFRA is supposed to take over from the Institute of Chartered Accountants of India (ICAI) all powers to investigate accounting professionals of listed companies. Government officials say ICAI may no longer do so. NFRA is empowered to also punish auditing and accounting firms. At
