Supreme Court could settle dispute over NFRA's working

The National Financial Reporting Authority (NFRA) has moved the Supreme Court seeking affirmation that its internal structure complies with the law after a Delhi high court January order quashed notices sent to auditors of two IL&FS group entities, Deloitte Haskins & Sells LLP and SRBC & Co. LLP, saying there is no separation between the regulator's audit quality review and adjudication functions, said two people in the know, seeking anonymity.

- Gireesh Chandra Prasad

The apex court is expected to finally settle the dispute over whether NFRA's structure is as per law and whether there is adequate separation of the functions of audit quality review and disciplinary proceedings, said one of the people quoted above.