NFRA needs to have standalone legislation: Chief Sridharan

National Financial Reporting Authority (NFRA) Chairperson R Sridharan on Thursday pitched for having a "standalone legislation" for the regulator in the interest of autonomy. The regulator was constituted under Sub Section (1) of Section 132 of the Companies Act, 2013, in October 2018. Sridharan said the NFRA operates under a single section of the Companies Act. The section does not provide comprehensive coverage of all the functions and powers that are required to constitute the NFRA as a "corporate financial reporting regulator". Further, he noted that the statute treats the NFRA as a subordinate office of the corporate affairs ministry.