NFRA has retrospective jurisdiction, says National Company Law Appellate Tribunal

The National Company Law Appellate Tribunal (NCLAT) has ruled that the National Financial Reporting Authority (NFRA) has superior authority over the Institute of Chartered Accountants of India (ICAI) on disciplinary matters. NFRA has retrospective jurisdiction and can initiate proceedings against errant chartered accountants prior to its formation. The NCLAT held four auditors of DHFL guilty of multiple violations and barred them from practice for a year. The NCLAT also stated that NFRA has more powers and authority for professional misconduct compared to ICAI.