Sebi panel suggests independent regulator needed for auditors

The panel has also batted for enhancing Sebi's powers to act against auditors and third-party fiduciaries

The new norms proposed by the Securities and Exchange Board of India's (Sebi) corporate governance panel for auditors has strengthened the case for the establishment of an independent auditor as mooted by the government.

The Parliamentary Standing Committee on Finance had in 2012 specified the need for a quasi-regulatory body for supervising audit quality. This would in the form of a National Financial Reporting Authority (NFRA) provided for in Section 132 of the Companies Act, 2013 for matters relating to accounting and auditing.

However, earlier this year, the Veerappa Moily-headed Standing Committee on Finance had said it was not in