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<h1>NFRA Oversees Accounting Standards, Investigates Misconduct, and Imposes Penalties Under Companies Act, 2013</h1> The National Financial Reporting Authority (NFRA) is constituted by the Central Government to oversee accounting and auditing standards under the Companies Act, 2013. It advises on policies, monitors compliance, and ensures service quality in these fields. NFRA can investigate misconduct by chartered accountants and impose penalties, including fines and debarment from practice. It operates through divisions led by a chairperson and members, who must declare no conflicts of interest. NFRA's decisions can be appealed to an Appellate Tribunal. It maintains accounts audited by the Comptroller and Auditor-General and submits annual reports to the Central Government. Its headquarters is in New Delhi.