Establishment of regulatory authorities consolidates corporate oversight and funds administration from existing ministry budget allocations. The Bill establishes multiple regulatory and enforcement bodies-including an Investor Education and Protection Fund Authority, National Financial Reporting Authority, Serious Fraud Investigation Office, inspectors, adjudicating officers, Official Liquidators, Registrars, National Company Law Tribunal and Appellate Tribunal, Special Courts, and Company Prosecutors-with appointments and terms prescribed by the Central Government. All related recurring and non recurring expenditure is to be met from existing Ministry of Corporate Affairs budgetary allocations, and the Bill is stated not to require additional funding.
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Establishment of regulatory authorities consolidates corporate oversight and funds administration from existing ministry budget allocations.
The Bill establishes multiple regulatory and enforcement bodies-including an Investor Education and Protection Fund Authority, National Financial Reporting Authority, Serious Fraud Investigation Office, inspectors, adjudicating officers, Official Liquidators, Registrars, National Company Law Tribunal and Appellate Tribunal, Special Courts, and Company Prosecutors-with appointments and terms prescribed by the Central Government. All related recurring and non recurring expenditure is to be met from existing Ministry of Corporate Affairs budgetary allocations, and the Bill is stated not to require additional funding.
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