Bankruptcy, audit regulators tighten overview as bills undergo review

Bankruptcy and audit regulators are tightening their supervision of the distressed asset and audit markets as two bills proposing amendments to the Insolvency and Bankruptcy Code and the Companies Act make their way through ministries.

- Gireesh Chandra Prasad

The Insolvency and Bankruptcy Board of India (IBBI) and audit regulator National Financial Reporting Authority (NFRA) are moving ahead, issuing clarifications, while the two bills come under rigorous inter-ministerial discussions, according to a person informed about the development.

Both watchdogs are focusing on areas that require greater compliance, giving space to the government to hold consultations on those provisions of the two bills where multiple sectors and stakeholders are involved.